Buffett backs Japan stocks

BILLIONAIRE investor Warren Buffett yesterday called Japan’s stock market sell-off after the disasters of the past week an “extraordinary event” that has created a “buying opportunity” for shares in local companies.

Japan’s Nikkei index ended last week more than ten per cent lower after fears of damage to companies’ long-term growth prospects caused investors to sell.

But Buffett said the event did not alter Japan’s long-term economic prospects. He would “certainly not” sell Japanese stocks and believed the market would recover.