Buffett's views on Japan unchanged following disaster, Olympus scandal

In his first visit to the country, Buffett toured a factory owned by his investment firm Berkshire Hathaway in the disaster hit Tohoku region, roughly 40 kilometers (25 miles) from the crippled Fukushima nuclear plant.

Known as the “Sage of Omaha” for his investing skills, the 81-year-old told a news conference that “the tsunami didn't change Japanese people and Japanese businesses.”

In an interview with Dow Jones Newswires, he added that he was looking for “a big investment” in Japan.

His comments come as Japan is pressured by a strong yen that has hit record highs, eroding the repatriated profits of exporters and making their goods less competitive, prompting concerns over the nation's growth prospects.

The March disasters left 20,000 people dead or missing, triggered the Fukushima nuclear crisis while heavily disrupting Japanese industry and shattering component supply chains, sending shockwaves through world markets.

Buffett said that the Olympus scandal — in which the firm's shares have fallen by around 70 percent since Oct. 13 — has not changed his view on investing in Japan.

Such scandals “don't affect good businesses,” Buffett said, referring to the admission by the maker of cameras and optical equipment that it covered up investment losses dating back to the 1990s.

Buffett arrived by helicopter at the factory on Monday where he was welcomed by the plant's 400 workers, the Iwaki City mayor and the deputy governor of Fukushima, Dow Jones said.

Buffett's stock-picking prowess has made him the world's third-richest man, with a fortune of US$50 billion, according to Forbes magazine's latest list of the world's billionaires.

Subscribe to The China Post and save 25%. Click here

PrintEmail

Write a Comment

Terms

Enter your comments - 3000 characters max

Type in image code

Submit

 Receive China Post promos
 Respond to this email