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.