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