International investor Jim Rogers says buying Japan's bourse is a bargain these days, and domestic investors incurring losses overseas are likely to repatriate funds into the local equity market.
“They will soon start losing money on the money invested abroad so a massive amount of that money is going to come back home,” Rogers, chairman of Rogers Holdings, said at a forum in Tokyo, The Taipei Times reports. “I doubt that will go into bank deposits or bonds because interest rates are so low."
"Then at least they can go to commodities or stocks.”
Rogers said he holds shares of Sanrio Co., the Hello Kitty brand licenser, and toymaker Tomy Co. Sanrio has soared 110 percent this year, but Tomy, the Japanese maker of Transformer and Pokemon toys, has slid 27 percent.
Despite these buys, Rogers remains pessimistic about most of the global economy as it faces the prospect of inflation and currency-market turmoil, noting that, in Japan, problems associated with a declining population and a swelling public debt will grow in 10 to 20 years.
Rogers added that he is “very, very bullish on Asia, especially China,” but is waiting for a rout in the Chinese stock market before buying more China shares.
India isn’t attractive because of the nation’s high debt, says Rogers, but Myanmar, with its abundant natural resources and ongoing government reforms, is the “most promising and exciting” Asian market of all.
RTT News reports that Myanmar's recently elected parliament has passed a bill allowing citizens to stage peaceful protests, marking the latest in a series of reforms initiated by the civilian government.
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