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Japan Is Still a Long-Term Buying Opportunity: Pro

Monday, 14 Mar 2011 | 10:31 AM ET

Japan’s economy will overcome the aftermath of the earthquake and will rebound longer-term, said Steven Bernstein, CEO of Oppenheimer Investments Asia.

Quake's Shock Waves
Discussing the impact of the disaster in Japan on global markets, with Joe Moglia, Ameritrade chairman, and Steven Bernstein, Oppenheimer Investments.

“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.”

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Scorecard—What He Said:

  • Bernstein's Previous Appearance on CNBC (Nov. 9, 2010)

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More Market Intelligence:

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CNBC Data Pages:

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CNBC Slideshows:

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Monday's Top Dow Laggards (as of this writing):

GE

Boeing

3M

Verizon

Walt Disney

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Disclosures:

No immediate information was available for Bernstein or his firm.

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Disclaimer

  Price   Change %Change
DIS
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GE
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MMM
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VZ
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BA
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