Gartman sees continued bull market in Japan

Monday, 30 Dec 2013 | 6:34 PM ET
Short the yen: Gartman
Monday, 30 Dec 2013 | 5:40 PM ET
Dennis Gartman of The Gartman Letter explains why the weakness in Japanese yen will have a strong impact on Japanese equities.

The Nikkei, up 57 percent this year, has further to climb in 2014 because of Japanese Prime Minister Shinzo Abe's policies, Dennis Gartman said Monday.

"Abenomics is going to be working. I think you're going to end up seeing economic activity in Japan picking up rather dramatically," he said. "But the most important thing is the weakness of the Japanese yen is going to have a very, very strong impact upon Japanese equities."

The editor and publisher of The Gartman Letter told CNBC's "Fast Money" that the Bank of Japan's accommodative monetary policy would be a powerful catalyst.

Dennis Gartman
Adam Jeffery | CNBC
Dennis Gartman

(Read more: Dennis Gartman's top five year-end plays)

"So, I want to be long of the Nikkei. I want to be short of the S&P, one against the other. At the same time, I want to be short of the Japanese yen against the English-speaking currencies," he said, adding one of his oft-repeated plays, "I want to own gold in yen terms."

Basically, he said, "it is one large short-the-yen trade."

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(Read more: Keep an eye on potential China troubles: Gartman)

Gartman argued that the same areas that would do well in the United States would work in Japan.

(Read more: Dennis Gartman likes 'simple things')

"I want to own simple things. I want to own metals. I want to own shipping. I want to own railroads," he said. "I want to own those things that are incumbent in global economic growth."

By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

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