For much of Japan’s modern history, the top three trading houses were Mitsubishi, Mitsui and Sumitomo

Itochu, the 162-year-old firm which traces its origin to linen trading in Osaka, has shattered that order. The firm is expected to maintain the highest profit among traders
Itochu is extending its lead as the country’s most valuable trader after overtaking Mitsubishi by market value for the first time in June
How'd Itochu achieve this?

Masahiro Okafuji, a 70-year-old textile business expert who took over as CEO in 2010, has driven the company to diversify away from commodities

Meanwhile, rivals (like Mitsubishi) doubled down on energy and metals, only to see prices plummet
Full story here: https://www.bloomberg.com/news/articles/2020-08-19/japan-s-trading-giant-beats-rivals-by-shunning-energy-and-metals?sref=DLVyDcXJ
Japan’s Trading Giant Beats Rivals by Shunning Energy and Metals

Japan’s Itochu Corp. has secured its position as the nation’s top trading giant -- at least by some measures -- as its emphasis on non-resource businesses helps it weather the coronavirus pandemic.

https://www.bloomberg.com/news/articles/2020-08-19/japan-s-trading-giant-beats-rivals-by-shunning-energy-and-metals?sref=DLVyDcXJ
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