Japan a "buying opportunity," will recover: Buffett

Billionaire investor Warren Buffett believes that a devastating earthquake in Japan is an unusual event, which creates the opportunity to purchase shares of Japanese companies.

Japan is the third largest economy in the world, has struggled to overheat the control of nuclear power plants when it was hit by March 11 earthquake and tsunami rocked global markets and got a massive intervention in the currency market, the Group of Seven industrialized countries.

"It will take some time to rebuild, but will not change the economic future of Japan," Buffett said Monday during a visit to a factory in South Korea by a company owned by its funds. "If I owned shares in Japan, certainly not selling.

"Often, something blue so, the extraordinary event, really creates a buying opportunity. I've seen what happens in the U.S., I saw that happen all over the world. I do not think that Japan is an exception," said the investor of 80 years, nicknamed the "Sage of Omaha" for his success in the long term strategic investment decisions.

Buffett heads Berkshire Hathaway Inc, which is much more to insurance and utility investments around the world.

on average the share of Japan Nikkei rose 2.7 percent on Friday, supported by aid from the G7, but still ended the week down about 10 percent, with some $ 350 billion wiped off share values ​​- the biggest weekly market slide since the financial crisis in 2008. Japanese markets were closed Monday.

Buffett said Berkshire Hathaway, which at year end was sitting on $ 38 billion in cash equivalents, and last week bought the specialty chemicals maker Lubrizol U.S. to $ 9 billion, was looking for larger acquisitions around the world.

In his annual letter to Berkshire Hathaway shareholders last month, Buffett said he was looking for new acquisitions.

"The United States is most likely where we'll do something," he said during an inauguration ceremony of South Korean plant operated by a unit of an Israeli company owned by his company to investment.

Buffett has even more money to invest in Goldman Sachs to buy back $ 5000000000 its preferred shares of Berkshire Hathaway, which acquired the fund over the global financial crisis.

EYES OF KOREA

Buffett, the world's largest third-richest man by Forbes magazine this year, said he was also looking to buy whole companies and large cap stocks in South Korea - Berkshire, which is already a shareholder in steelmaker POSCO.

He said that the geopolitical risks associated with North Korea did not diminish his interest in South Korea, the fourth largest economy in Asia. Berkshire also owns a stake in the Chinese car and battery maker BYD.

Buffett did not disclose any interests in Japan on Monday, and the annual report of Berkshire Hathaway revealed no significant investments there. He had to go to Japan later this week, but canceled because of the earthquake.

Unlike many foreign fund managers, Buffett, who arrived in southern city of Daegu on Sunday, a private jet, has won praise from ordinary Koreans.

Sporting a gray sweat pants and sneakers, Buffett was greeted by signs reading, "Mr. Buffett Daegu loves you."

Many in this country of nearly 50 million people have bad memories of the 1998 Asian financial crisis, then a contract with the International Monetary Fund bailed the country, but at the expense of tens of thousands of jobs.

Some U.S. hedge funds have been the brand "vultures" to buy South Korean assets on the cheap in the wake of this crisis.

"This is a once in a lifetime opportunity. I am honored to meet such a respected businessman," said Seo Hyun-joo, a housewife on the Korean traditional costume.

Buffett later meets South Korean President Lee Myung-bak, in Seoul and heads to India on Tuesday to launch the portal to sell insurance to their business.

Major tsunami damage in N. Japan after 8.9 quake Today news

Major tsunami damage in N. Japan after 8.9 quake Today news. TOKYO - A 8.9 magnitude earthquake struck the coast of northern Japan on Friday, causing a 13 feet (4 meters) by the tsunami that swept boats, cars, buildings and thousands of miles of debris into the interior. Fires caused by the earthquake burned control up and down the coast.

At least one person died and there were reports of several wounded in Tokyo, hundreds of kilometers (miles), where buildings shook violently by the main shock and aftershocks of the massive wave that followed.

Television footage showed waves of muddy water swept farmland near the city of Sendai, the performance of buildings, some in flames inside the car tried to drive away.

"This is a rare major earthquake, and the damage can quickly lead to a minute," said Junichi Sawada, an official of the Japan Fire and Disaster Management Agency.

The authorities have tried to assess the damage, injuries and deaths, but gave no immediate details. Police said at least one person died in a house collapse in the Ibaraki prefecture north of Tokyo.

A large fire broke out at Cosmo Oil refinery in Ichihara City Chiba Prefecture near Tokyo and burned out of control.

Public broadcaster NHK showed footage of a large ship, which was swept by the tsunami and the damage directly into a dock in the city of Kesennuma, Miyagi Prefecture. Similar destruction was seen in dozens of communities along the coast.

At various places along the coast, found massive damage from the images of the tsunami, with cars, boats and even buildings, being transported by water.

The quake struck 2:46 p.m. ET was followed by five powerful aftershocks for about an hour, the strongest measuring 7.1. U.S. Geological Survey updated the strength of the first earthquake with a magnitude of 8.9, while Japan's Meteorological Agency measured at 8.4.

The meteorological agency issued a tsunami warning for Japan's Pacific coast. NHK has been warning those near the coast to safer ground.

The Pacific Tsunami Warning Center in Hawaii said a tsunami warning was in force in Japan, Russia, Marcus Island and the Northern Marianas. A tsunami warning was issued for Guam, Taiwan, Philippines, Indonesia and the U.S. state of Hawaii.

The quake struck at a depth of six miles (10 km), about 80 miles (125 km) off the east coast, the agency said. The area is 240 km (380 miles) northeast of Tokyo.

The center of Tokyo, large buildings shook violently and workers poured into the streets safer. TV picture was a large building in flames and smoke bellowing Odaiba district of Tokyo.

In central Tokyo, the trains were stopped and passengers along the tracks of platforms. NHK, more than 4 million buildings without electricity in Tokyo and its surroundings.

The ceiling of Kudan Kaikan, a hall in Tokyo, collapsed, injuring an undetermined number of people, according to NHK.

Osamu Akiya, 46 years working in Tokyo, where a commercial office when the earthquake struck.

She sent libraries and computers to the ground and cracks appeared in walls.

"I've been through many earthquakes, but I've never felt anything like this," he said. "I do not know if we will be able to get home tonight."

NHK Sendai video showed the employees a stumbling block over, and books and cards fall from the table. It also showed the glass to protect the station was completely destroyed by earthquake in Tokyo, and a woman cries near the comforting another woman.

More aftershocks hit the same region in recent days, including a magnitude of 7.3 on Wednesday.

Thirty minutes of the earthquake were still swaying tall buildings in Tokyo and mobile networks do not work. Japan Coast Guard has established a task force and officials are ready for the expenditure of emergency, the Coast Guard official said Yosuke Oh.

"I fear that soon we will know the damage of the earthquake was so strong," he said.

Tsunami roared over the levees of the city of Sendai, washing cars, houses and farm equipment on the streets before reversing directions and take them to the sea. Flames shot some of the houses, which is probably due to the pipes burst.

Tokyo, hundreds of people were evacuated from Shinjuku Station is the busiest in the world, to a nearby park. The trains were stopped.

Tokyo's main airport was closed. Much of the roof at the airport at 1 year of Ibaraki, about 50 miles (80 kilometers) north of Tokyo, fell with a loud noise.

TV announcers urged viewers to switch to a strong close to the beach and concrete buildings to remain above the third floor.

Japanese Fire and Disaster Management Agency said, still assessing the damage, but had not confirmed any deaths.

One person was injured in a baseball stadium in Sendai, but his condition was not immediately known.

Dozens of fires reported in the northern prefecture of Fukushima, Sendai, Iwate and Ibaraki. Houses collapsed and landslides have also been reported in Miyagi.