Japan’s economy will overcome the aftermath of the earthquake and will rebound longer-term, said Steven Bernstein, CEO of Oppenheimer Investments Asia.
“Short-term, we’re going to have a downtrade and people are going to be nervous of potential spread of radioactivity, which could that reach Tokyo…but long-term, Japan has a huge resilience,” Bernstein told CNBC.
“They’ll get out of this, the economy does well and it’s a long-term buying opportunity.”
Bernstein said the hardest-hit areas may affect about 8 percent of Japan’s overall GDP. In addition, he said manufacturing will likely slow down, resulting in a delay of goods being shipped.
“That’s a short-term phenomenon and it does potentially push the market down," he conceded, "but long-term, it bounces back over time.”
“Japan needed something over the last 20 years to wake up and it’s unfortunate that it’s a horrible disaster, but this is going to rally the people and rally the institutions and hopefully it will end up in a good place.”
Scorecard—What He Said:
- Bernstein's Previous Appearance on CNBC (Nov. 9, 2010)
More Market Intelligence:
- Will Japan Dump US Bonds For Disaster Costs?
- Don't Try to Trade on Japan Disaster: Strategist
- Greenberg: Quake to Spark Solar Hype?
CNBC Data Pages:
Monday's Top Dow Laggards (as of this writing):
No immediate information was available for Bernstein or his firm.