This commentary from January 2023 on Buffett's investments in the Japanese sogo shosha companies is an interesting take:

The Warren Buffett Way to Profit From the Energy Crisis (may require a subscription)
bloomberg.com - The warren buffett way to profit from the energy crisis

"They are Japan Inc.'s commodity arm with interests in everything from coal mines in Australia to oilfields in Oman and wheat silos in Canada. For years, it has been a monotonous business few paid attention to."

"The combined net income of the five leading Japanese trading companies is set to hit an all-time high in the fiscal year ending in March 2023. Berkshire timed its entry perfectly."

Chris Bloomstran comments on the investment in his massive client letter adding attention to the favorable exchange rate:

see page 88 of 146 pages
static.fmgsuite.com: PDF document

Also, on page 99 Chris writes:

"Berkshire owns several holdings not included in its quarterly SEC 13F filings. Five Japanese trading
companies bought originally for about $6 billion in 2020 with another roughly $2 billion added to in late
2022 trading for $12.1 billion at yearend, financed with what is now $6.3 billion in 0.6% coupon Japanese
yen denominated debt at current exchange rates. The debt is at the holding company and the equity
interests in the trading companies are held by the insurers."