New York – Greg Abel, who succeeded Warren Buffett as CEO of Berkshire Hathaway late last year, said Saturday that the U.S. company will continue to invest in Japanese companies, including general trading firms and insurance group Tokio Marine Holdings.

At the annual meeting of Berkshire shareholders in Omaha, Nebraska, Abel praised Tokio Marine, which announced an investment from Berkshire and a strategic partnership with its insurance unit in March, and suggested that Berkshire will hold Tokio Marine shares in the long term.

On the same day, Berkshire released its January-March earnings report, revealing that its cash reserves reached a record $397.3 billion following a series of share sales.