Japan's two biggest trading companies posted annual losses for the first time ever.  Mitsubishi and Mitsui, two pillars of the Japaese economy, suffered a combined deficit of 232.8 Billion Yen, which is more than AU$2.9 Billion.

Japan's Sogo Shosha general trading houses produce wide ranges of products, ranging from cars and airplanes to instant noodles and household care products.  But they invested heavily in metals and energy at the height of the commodities boom, only to see prices tumble.  Because almost every major raw material is worth less now than two years ago, these companies are now hustling to diversify businesses and assets away from energy and mining projects.

Mitsubishi is anticipating that oil prices will remain stagnant for the next three years.  The company will start shifting its business to things like agricultural machinery, automobiles, industrial finance, and salmon farming.  "We have to operate under the assumption that the current price of commodities is going to continue for the next three years," said Mitsubishi CEO Takehiko Kakiuchi.  "Rebalancing our portfolio has become an urgent task," he added.

Mitsui and Co. is Japan's top oil trader, and in the past has gotten as much as 80 percent of its profits from iron ore, coal, and oil and gas trading.  CEO Tatsuo Yasunaga already said last year that he will look to food, pharmaceuticals, health care, and health services to reverse the damage done by the collapse of resources.