Mitsui & Co., Ltd. is a trading company operating in Japan and internationally. It operates through segments including Energy; Mobility, Digital & Infrastructure; Chemicals; Iron & Steel Products; Wellness Ecosystem; Innovation & Corporate Development; and All Other. The company is involved in the development, processing, and marketing of underground resources; recycling, space-related, and tank terminal businesses; manufacture and sale of iron and steel products; steel processing and parts manufacturing; maintenance services; hydrogen, ammonia, biofuels, SAF, and carbon solutions; LNG project development; and trading and marketing of LNG, oil, petroleum products, coal, uranium, and other energy resources. It also provides digital and power solutions; logistics, water, and social infrastructure services; gas and offshore services; intermediary services; gas and basic chemicals; performance monomers; and material, electronics, natural capital, animal, food science, agriscience, and agri solutions. Additionally, it engages in manufacturing, wholesale, retail, finance, leasing, and rental of construction and mining machinery, automobiles, parts, and related products; sales of machine tools and secondhand ships; trade, ownership, and operation of commercial ships; and sale, purchase, leasing, and financing of airplanes, helicopters, aircraft engines, and other aviation-related businesses. It trades grains, oilseeds, feed ingredients, oils and fats, raw sugar, ethanol, and other commodities; develops coffee, cocoa beans, tea, dairy products, refined sugar, and processed oils and fats; plans and produces apparel and accessories; sells fiber and textile materials; retails apparel, accessories, and food; and engages in wellness, IT and communication, and corporate development businesses. Mitsui & Co., Ltd. was incorporated in 1947 and is headquartered in Chiyoda, Japan.
Integral launches tender offer for Kadoya Sesame Mills at 2,514 yen per share, aiming to take it private
Kadoya Sesame Mills, known for its "pure sesame oil," announced on the evening of the 14th that domestic investment fund Integral will conduct a tender offer for its shares at 2,514 yen per share to take the company private. The tender offer period runs from the 15th through October 30, with a minimum acceptance threshold of 50.09% of shares and no upper limit. Integral's investment through the tender offer will amount to roughly 58 billion yen. Kadoya Sesame Mills has expressed its support and recommends that general shareholders tender their shares, while also noting the possibility that a competing proposal could emerge. The current largest shareholder is Mitsubishi Corporation with 26.88%, and the second-largest is Mitsui & Co. with 21.92%. If both companies cooperate by not tendering into the offer and instead agreeing to a buyback, Integral will raise the tender offer price for general shareholders to as much as 2,760 yen per share, while lowering the minimum acceptance threshold. Kadoya Sesame Mills shares closed at 2,419 yen on September 14. The move to take the company private was prompted by an approach from an operating company in September 2025, and in addition to Integral, which has teamed up with the founding family, multiple companies took part in the acquisition process. Kadoya Sesame Mills judged Integral's proposal to be the best, but in parallel one operating company is still considering a legally binding proposal, and one fund is proceeding with due diligence.
Celanese to Sell Another 19% of Nutrinova to Mitsui for $152 Million
Celanese Corporation agreed to sell an additional 19% of the Nutrinova food-ingredients joint venture to Mitsui & Co., Ltd. for approximately $152 million in cash, a deal expected to close in the fourth quarter subject to customary conditions. The sale will cut Celanese's retained interest in Nutrinova from 30% to 11%, and the interest being sold generated roughly $4 million of equity earnings in 2025, meaning the consideration equals about 38 times that contribution. Proceeds will reduce debt, fund upcoming maturities, and count toward Celanese's goal of generating $1 billion from divestitures by the end of 2027; combined with the completed $500 million Micromax divestiture, the two announced deals total approximately $652 million, about 65% of that objective. Celanese ended 2025 with approximately $11.3 billion of company-defined non-GAAP net debt and targets about $10 billion by the end of 2026 and below $9 billion by the end of 2027, while aiming for $700 million to $800 million of company-defined non-GAAP free cash flow in 2026. Under the related diketene-facility arrangement, Nutrinova will cover the facility's full purchase price and ongoing operating costs, leaving Celanese with no funding obligation.
Mitsui & Co.: Equity-Method Investment Gains Exceed Half of Net Profit
In Mitsui & Co.'s fiscal year ending March 2026, equity-method investment gains reached 447.4 billion yen, exceeding half of the net profit of 834.0 billion yen. This amount surpasses the 426.1 billion yen calculated as gross profit minus selling, general, and administrative expenses, indicating that profits from investees exceed the gross profit from trading. The investment balance in equity-method affiliates reached 5.5605 trillion yen, with the machinery and infrastructure sector being the largest at 1.8968 trillion yen. The company's ROE for the fiscal year ending March 2026 was 10.22%, down from 18.89% in the fiscal year ending March 2023, declining over four fiscal years. The stock price fell 4.5% on September 4, with a PER of 15.46 and a PBR of 1.58.
China Baowu Eyes Stake in BHP's Jimblebar Iron Ore Mine
China Baowu Steel, the world's largest steelmaker, is considering acquiring a 15%-25% stake in BHP's Jimblebar iron ore mine in Western Australia, according to Reuters. The stake would come from BHP's share of the project, which currently stands at 85%, with Japanese trading houses Itochu and Mitsui holding minority interests. BHP responded that it remains committed to its Western Australia iron ore business and regularly explores options to create long-term shareholder value. Jimblebar produced 62.5 million tons of iron ore in fiscal year 2026, accounting for about 25% of BHP's total output of the steelmaking ingredient. The potential deal comes amid declining Chinese investment in Australia due to national security concerns, which have previously led to blocked acquisitions in lithium and rare earths.
Berkshire CEO says Japan yields not a concern for trading houses
Berkshire Hathaway CEO Greg Abel said Wednesday that rising bond yields in Japan are not weighing on the major Japanese trading companies in which the conglomerate holds stakes. During an appearance on CNBC's "Squawk Box" while visiting Tokyo, Abel said not a single trading company raised it as a fundamental challenge, noting that Japan's yields, while at multi-decade highs, remain relatively modest compared to other global yields. Japan's 10-year bond yield hit a 30-year high this week, reaching just above 3%, while the U.S. 10-year Treasury yield crossed 4.8% on Tuesday. Berkshire holds stakes exceeding 10% in five major Japanese trading houses — Itochu, Marubeni, Mitsubishi, Mitsui, and Sumitomo — and Abel said the company intends to hold these positions for decades and continue tapping the yen bond market when needed. He also discussed Berkshire's investment in Alphabet, viewing Google's parent as a significant player in artificial intelligence, and addressed data center power supply, saying Berkshire is open to supplying power to large computing firms only if it does not raise rates for existing customers.
Celanese to Sell Additional 19% of Nutrinova Stake to Mitsui for $152M
Celanese Corporation has agreed to sell an additional 19% stake in its Nutrinova food ingredients joint venture to Mitsui & Co., Ltd. for $152 million in cash, reducing its ownership to 11% while strengthening its balance sheet. The transaction, which contributed about $4 million in equity earnings in 2025, will allow Celanese to continue participating in the food ingredients business. Proceeds will be used to reduce net debt and repay upcoming maturities, supporting its goal of $1 billion in divestiture proceeds by the end of 2027. As part of the deal, Celanese will temporarily operate a diketene production facility in Frankfurt before transferring it to Nutrinova, with Mitsui covering the purchase price and operating costs. The transaction is subject to customary closing conditions.
CF Industries and Partners Break Ground on $3.7B Low-Carbon Ammonia Plant
CF Industries, JERA, and Mitsui have begun construction of Blue Point One, a $3.7 billion low-carbon ammonia plant in Louisiana, which will be the world's largest of its kind upon completion. The facility, with an annual capacity of 1.4 million metric tons, is expected to start production in 2029 and will capture about 98% of its carbon dioxide emissions. CF Industries holds a 40% stake in the joint venture, while JERA owns 35% and Mitsui 25%, with CF also investing an additional $550 million in shared infrastructure. Linde is investing over $400 million in an on-site air-separation unit, and a 1PointFive-Enbridge joint venture will handle carbon transport and sequestration. CF shares have risen 43.9% over the past year, outperforming the industry's decline of 43.5%.
Penske Automotive Group Evaluates $210 Per Share Buyout Proposal
Penske Automotive Group's special committee has hired independent advisers to evaluate a take-private cash proposal of $210 per share from Penske Corporation and Mitsui & Co. The stock last closed at $216.66, which is about 3% above a widely followed narrative fair value estimate of $211.25. The proposal follows a strong run in the share price, with a 30.06% three-month return and a 36.99% year-to-date gain. The company has seen record growth in service and parts revenue, up 7%, and gross profit, up 9%, driven by an aging vehicle fleet and increased vehicle complexity. However, the company faces pressure from the shift to lower-margin battery electric vehicles and potential erosion of dealer economics if direct sales models expand.
Japanese Executives Say Excessively Weak Yen Is Not Good News After It Hits 164 Yen per Dollar, Driving Up Import Costs
Japan's business sector is calling for greater stability in the foreign exchange market after the yen weakened to nearly 164 yen per dollar, its lowest level in 40 years, and one of the factors that led Japan and the United States to jointly intervene in the currency market last week to support the yen. The intervention resulted in the yen strengthening back by about 5 percent. Senior executives from several Japanese companies, such as Kenichiro Fujimoto, CFO of Mitsubishi Electric, pointed out that a weak yen does not mean everything is always good. While it helps boost overseas revenue and the export sector, rising costs for energy, raw materials, and food are starting to pressure the economy. Meanwhile, Norihiko Ishiguro, Chairman of JETRO, said that Japanese companies must import almost all raw materials. When the yen weakens to a certain level, the increased costs may outweigh the benefits. Makoto Tanaka, CFO of Mitsui & Co, and Yoshihiro Shimazu, CFO of Mitsubishi Corp, both emphasized the need for market stability and reduced volatility, as severe fluctuations make business planning more difficult. A JETRO survey also found that the most desired exchange rate level for Japanese companies is 120 to 124 yen per dollar, with only 11 percent wanting to see the yen weaker than 150 yen per dollar, reflecting that an excessively weak yen is not a situation most of the business sector wants.
Nikkei Average Rebounds Slightly, Supported by Buying of Strong-Earnings Stocks, While Yen Appreciation Concerns Persist
The Nikkei Average rebounded slightly, closing at 63,957.53 yen, up 0.32% from the previous trading day. Amid a flurry of corporate earnings announcements, buying of stocks with strong results supported the market, while caution over the yen's appreciation capped gains, leaving the index lacking clear direction. Toyota Motor fell over 1% as its full-year net profit forecast missed market expectations, while Mitsubishi Heavy Industries and Yamaha Motor surged following their earnings reports. Trading value on the Tokyo Stock Exchange Prime Market was 10.283736 trillion yen.
Mitsubishi Heavy Industries Raises Order Forecast to 7 Trillion Yen, Keeps Earnings Outlook Unchanged
Mitsubishi Heavy Industries has raised its order forecast for the fiscal year ending March 2027 to 7 trillion yen, up from the previous 6.8 trillion yen. The company kept its consolidated earnings outlook unchanged, planning a net profit of 380 billion yen, which fell short of the average analyst estimate of 418.8 billion yen. At the same time, it reported a net profit of 134.6 billion yen for the April-to-June quarter of 2026, a 97.4 percent increase from the same period a year earlier, driven by demand for gas turbines amid the spread of generative AI, growth in nuclear power, and a weaker yen.
Mitsui & Co. First-Quarter Net Profit Jumps 53% to 294 Billion Yen, a Record High
Mitsui & Co. reported consolidated net profit for the first quarter of the fiscal year ending March 2027, rising 53.4% year-on-year to 294 billion yen, marking a record high for a first quarter. The energy business and other segments drove performance. The full-year consolidated net profit forecast was kept unchanged at 920 billion yen, but fell short of the average consensus estimate of 974.9 billion yen compiled by IBES from 16 analysts. The company also resolved to buy back up to 60 million shares, equivalent to 2.11% of outstanding shares, for a maximum of 200 billion yen, with the repurchase period running from August 5 to January 29 next year.
ispace to Use H3 Rocket for 2028 Lunar Lander Launch
Space startup ispace announced on the 29th that it will use Japan's mainstay H3 rocket for the launch of its lunar lander scheduled for 2028. It has signed a launch transport service contract with Mitsubishi Heavy Industries.
OKI signs first overseas defense contract to supply towed passive sonar for Australia’s new frigates
OKI has signed a supply contract with Mitsubishi Heavy Industries for towed passive sonar and related equipment to be installed on Australia’s new general-purpose frigates. The contract covers equipment for the first three vessels in a planned fleet of eleven new general-purpose frigates. This marks OKI’s first overseas transfer of defense equipment, following the Australian Government’s selection of Japan’s improved Mogami-class frigate design in August 2025. OKI will leverage over 90 years of underwater acoustic technology development and its experience supplying sonar systems to the Japan Maritime Self-Defense Force.
Mitsui & Co. Proposes Taking Penske Automotive Group Private with Penske Corporation, Investing Over 600 Billion Yen
Mitsui & Co. has jointly proposed with U.S.-based Penske Corporation to take Penske Automotive Group private through the acquisition of all outstanding floating shares. The acquisition price is set at 210 dollars per share, with the total expected to reach 3.8 billion dollars, or approximately 6.19 trillion yen. Mitsui currently holds a 20.3% stake in Penske Automotive Group, while Penske Corporation holds 52%, and the proposal aims to acquire the remaining 27.8% of floating shares. The proposal is non-binding, and any agreement requires approval from a special independent committee of Penske Automotive Group. At this time, no agreement is guaranteed, and both companies reserve the right to modify or withdraw the proposal.
Mitsui and Penske Corp. bid to take Penske Automotive private at $210 per share
Mitsui & Co. (U.S.A.) and Penske Corporation, the two largest shareholders of Penske Automotive Group, have launched a bid to acquire the roughly 27.8% of the company they do not already own, in a deal that would take the auto retailer private. The offer price is $210 per share, valuing the company at $13.8 billion. Mitsui currently holds about 20.3% of Penske Automotive, while Penske Corp. owns approximately 52%. Shares of Penske Automotive surged 10.32% to $215.34 following the announcement, hitting a 52-week high of $218.63 earlier in the session.
Global Pressure Vessels Market to Reach $73.24 Billion by 2031
The global pressure vessels market is projected to grow from USD 57.55 billion in 2026 to USD 73.24 billion by 2031, a compound annual growth rate of 4.9 percent. Storage vessels are expected to hold the second-largest market share by type in 2026, driven by demand from oil and gas, chemical manufacturing, and power generation. Within the processing vessels segment, reactors are forecast to be the fastest-growing subcategory through 2031, supported by increased investment in controlled chemical and industrial processes. North America is positioned as the second-fastest-growing regional market, with growth fueled by clean energy projects, infrastructure modernization, and tighter safety regulations. Major companies in the market include Babcock & Wilcox Enterprises, GE Vernova, Larsen & Toubro, Mitsubishi Heavy Industries, and IHI Corporation.
Nvidia deepens Japan AI push with factory deal and robotics tie-ups
Nvidia has expanded its AI footprint in Japan with a national AI factory partnership and new alliances with Japanese leaders across robotics, industrial automation, automotive, and smart cities, including Toyota, Fanuc, Yaskawa, Sony, SoftBank, and Mitsubishi Heavy. The company introduced Cosmos 3 Edge and new Metropolis libraries aimed at deploying agentic AI on devices and across real-world infrastructure. Nvidia, trading at $207.4, has returned 9.8% year to date and 20.0% over the past year. The Japan-focused push adds a real-world deployment angle alongside the better-known data center narrative, positioning Nvidia as a core platform across factories, vehicles, and cities.
BHP approves $900 million Ministers North iron ore project in Pilbara
BHP has approved a $900 million investment to develop the Ministers North iron ore project in Western Australia's Pilbara region. The project will develop the high-grade Brockman ore deposit as a satellite extension of the Yandi mine, leveraging existing infrastructure to reduce costs and improve efficiency. Once fully ramped up, Ministers North is expected to produce 20 million tonnes per annum, supporting BHP's medium-term iron ore production target of 305 million tonnes per year on a 100% basis. Construction is set to begin this month with first ore targeted in fiscal 2029. The joint venture is owned by BHP with 85%, Itochu Corporation with 8%, and Mitsui & Co. with 7%.
Entergy and MHI Group sign MOU to cut CCS costs by 50%
Entergy and Mitsubishi Heavy Industries Group have signed a memorandum of understanding aiming to develop a near-term roadmap for a 50% reduction in overall costs for carbon capture and storage solutions. The collaboration will leverage MHI Group's integrated gas turbine combined cycle and carbon capture technology, including M501JAC gas turbines from Mitsubishi Power Americas and carbon capture technology from Mitsubishi Heavy Industries America, to support decarbonization at Entergy's power generation sites. Entergy's operations are located near the largest existing carbon dioxide pipeline network in the United States and in a region with suitable subsurface geology for permanent CO2 storage. The partnership builds on a long collaboration between Entergy and Mitsubishi Power Americas and positions the companies as early leaders in the commercialization of integrated gas turbine and CCS technology.
PureCycle and Mitsui partner with RM TOHCELLO to bring recycled polypropylene to flexible packaging in Japan
PureCycle Technologies, Mitsui & Co., and RM TOHCELLO have formed a strategic partnership to introduce recycled polypropylene into biaxially oriented polypropylene film for flexible packaging in Japan. The collaboration, which began with initial trials in early 2023, has successfully completed pilot-scale production runs using PureCycle's PureFive resin. The partners are now preparing to present the materials to converters and brand owners, with a formal commercial agreement targeted for 2027 and shipments to follow after import regulatory compliance. BOPP film is widely used in food packaging, labels, and consumer goods, but has historically been unable to incorporate meaningful recycled content due to stringent purity requirements that mechanically recycled polypropylene could not meet. PureCycle's proprietary dissolution recycling technology removes additives, colors, and odors from post-consumer waste, producing a certified recycled resin that the companies say can unlock this high-value packaging segment.
Nvidia and Mitsubishi Heavy consider AI data center cooling and power collaboration
Nvidia and Mitsubishi Heavy Industries are considering a collaboration in which the Japanese industrial conglomerate would supply cooling systems and energy management equipment for AI data centers, Nikkei reported. Nvidia calls its next-generation AI data centers AI factories and intends to set them up with partner companies globally. Mitsubishi Heavy manufactures air conditioning, high-efficiency cooling, and emergency power supply equipment for data centers, and offers energy management systems that combine these technologies. The collaboration could help improve the efficiency of Nvidia's data centers by addressing the rapid increase in power consumption and heat generation from high-performance GPUs. Neither company immediately responded to a request for comment.
Sempra Infrastructure's ECA LNG Phase 1 Exports First LNG Cargo from Mexico's Pacific Coast
Sempra Infrastructure announced that the ECA LNG Phase 1 project in Ensenada, Mexico, has loaded and shipped its first cargo of liquefied natural gas, marking a key step toward full commercial operations. The facility, a joint venture with TotalEnergies, has a nameplate capacity of 3.25 million tonnes per annum and is supported by long-term agreements with TotalEnergies and Mitsui & Co. Once commercial operations begin, it will be the first LNG liquefaction facility on Mexico's Pacific Coast, offering a shorter shipping route to Asian markets. The project is expected to reach substantial completion in the summer of 2026, with sales under long-term contracts commencing shortly thereafter. A second, significantly larger phase is under active development at the same site.
Japanese Stocks in Late 2026 to Graduate from AI Reliance, Defense and Others Reassessed Under Basic Policy
Japanese stocks may maintain their upward trend in the second half of 2026. With the Takamichi administration's Basic Policy as a backdrop, there are views that the market's focus will broaden beyond the technology stocks that drove record highs in the first half of the year to include a wide range of sectors such as defense and infrastructure. The draft presented at the end of June outlined support not only for AI but also for broad areas like disaster prevention and national resilience, with coordination underway with the ruling parties aiming for a cabinet decision in mid-July. Dilin Wu, research strategist at Pepperstone Group, pointed to the Basic Policy as the most underappreciated catalyst for the second half of the year, citing its direct spillover effects on the stock market. The defense sector has lagged behind AI-related areas so far this year, with the Mirae Asset Japan Defense Tech Index up only 15 percent year-to-date and Mitsubishi Heavy Industries shares down 0.5 percent, but Takuro Hayashi of Iwai Cosmo Securities sees room for a reassessment. That said, AI-related themes remain a key pillar supporting Japanese stocks, with the government projecting public-private investment of 10.5 trillion yen in physical AI and 68 trillion yen in semiconductors among its 17 strategic fields.
Rating Daily: Nomura, Goldman Sachs, and Tokai Tokyo Maintain Top Ratings on Eight Stocks
On July 8, multiple research firms maintained their top investment ratings. Nomura Securities kept its Buy rating on PERSOL Holdings and Nippon Steel, while lowering their target prices from 430 yen to 380 yen and from 740 yen to 720 yen, respectively. Goldman Sachs Securities maintained its Buy rating on Furukawa Electric, Fujikura, and SWCC, cutting their target prices from 7,600 yen to 7,200 yen, from 7,600 yen to 7,500 yen, and from 17,500 yen to 16,200 yen, respectively. Tokai Tokyo Research Center kept its Bullish rating on Kyokuto Kaihatsu Kogyo, Mitsui & Co., and GENDA, reducing their target prices from 4,200 yen to 3,250 yen, from 7,800 yen to 7,000 yen, and from 930 yen to 900 yen, respectively.
ADNOC, XRG, and Mitsui expand energy partnership across LNG and trading
ADNOC, its investment platform XRG, and Japan's Mitsui & Co. have signed a Strategic Collaboration Agreement to pursue new opportunities across the energy value chain. The agreement establishes a framework for cooperation in LNG, crude oil, sulfur, shipping, and chemicals, while also evaluating international energy investments through XRG. The companies will assess collaboration on crude oil market development and long-term supply, LNG sales and portfolio optimization, sulfur procurement and logistics, and shipping solutions for LNG, ammonia, sulfur, and other commodities. The partnership will also examine lower-carbon fuels and chemicals, including methanol and projects at the UAE's TA'ZIZ industrial hub. The deal deepens a relationship dating back to the 1970s and reinforces the UAE's role as a key supplier to Japan, where ADNOC provides around one-third of the country's crude oil imports.
UK, Japan, and Italy sign £4.6 billion contract for next-generation fighter jet production
The UK government announced on the 3rd that it has signed a £4.6 billion contract with Edgewing, the joint venture responsible for design and development, to manufacture the next-generation fighter jet being co-developed with Japan and Italy. This moves the Global Combat Air Programme into the next phase of development, and Minister for Defence Procurement Pollard described signing the contract alongside Italy and Japan as a major step forward towards delivery. On the 30th of last month, the UK decided to contribute £8.6 billion over four years as its share of GCAP funding. Under GCAP, the UK's BAE Systems, Italy's Leonardo, and Mitsubishi Heavy Industries are developing a sixth-generation stealth fighter with the aim of operational deployment by 2035, and Edgewing is jointly funded by BAE, Leonardo, and the Japan Aircraft Industrial Enhancement Organization.
Canada Sees an Opening in China’s Latest Trade Squeeze on Japan
China widened its trade dragnet on Japan Monday, adding 20 more entities, including units of Mitsubishi Electric, Mitsubishi Heavy Industries and Komatsu, to its export control blacklist. Three days earlier, Canada wrapped up its largest-ever trade mission to Japan with a pointed pitch to build the next critical minerals supply chain with Ottawa instead. International Trade Minister Maninder Sidhu, who led roughly 300 delegates from nearly 175 Canadian companies and organizations to Tokyo last week, told Reuters that Canada and Japan are now discussing joint mining ventures, off-take agreements and even shared stockpiles of minerals like graphite and gallium. Sidhu said Japanese and Canadian firms signed more than C$1 billion, or US$705 million, in deals during the trip, while Global Affairs Canada put the full week's haul at 14 commercial deals worth over $1.7 billion, a record for a Canadian trade mission. Japan has trimmed its reliance on Chinese rare earths to around 58% of imports, down from a peak near 90%, but that is still enough leverage for Beijing to keep squeezing, and every name China adds to its export list gives Canada a stronger argument for why Tokyo should keep diversifying.
China Blacklists 20 More Japan Firms, Widening Takaichi Feud
China has expanded its export-control offensive against Japan by adding 20 Japanese organizations to its control list, imposing a general ban on Chinese exports that can be used for both commercial and military purposes. In a parallel measure, Beijing placed another 20 entities on its monitor list, subjecting them to stricter scrutiny for importing dual-use items from China. The new restrictions double the number of Japanese entities subject to curbs and mark the latest escalation in a dispute over Prime Minister Sanae Takaichi's comments on Taiwan. The additional targets of the control list include the state-run National Institute for Defense Studies, military systems research centers, and affiliates of Mitsubishi Electric and Mitsubishi Heavy Industries. A Chinese Foreign Ministry spokesman said the measures are fully justified and target only a small number of Japanese entities.
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