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Itochu stock surpasses rival Mitsubishi's for first time

Food business helps cushion coronavirus impact

Itochu's lifestyle businesses, such as the food sector, have performed well during the pandemic. Dole Food's Asian fresh produce business was acquired in 2013. (Photo courtesy of Itochu)

TOKYO -- Shares of Japanese trading house Itochu closed above leading domestic rival Mitsubishi Corp. for the first time ever Monday, thanks to a business portfolio well positioned to weather the global pandemic.

Itochu netted a modest gain to end at 2,331 yen on Monday, topping Mitsubishi's 2,317 yen. This after Itochu's market capitalization climbed past Mitsubishi's on June 2, with the spread now exceeding 200 billion yen ($1.87 billion).

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