Wilbur Ross: Abenomics is Working for Japan [VIDEO]

Wilbur Ross, chairman & CEO, WL Ross & Co. LLC, talks about the mood in Japan right now, as well as the country’s future. This is interesting coming from someone who leans to the right on economics.

Wilbur Ross video and transcript below

Transcript:

joining us now to weigh in on today’s top stories, someone whohasn’t been on a commercial flight in 38 years, ril wilbur ross, he has new investing opportunities around the world. he is chairman and ceo of w.l. ross and company. we had people on, anywith unthat said, talked about private jets. they all say the same thing, you know, if you can have one, it’s definitely better.no question. am i exaggerating? no, it’s nice to be in thatposition. anyway. you have been all over the place since you were i guess you were at some conferences here and i’m not going to give anything up what people might have seen or might have been in the sun valley type environment. becky and i were — that was someone that looked like becky. i think she was out there. andrew was definitely not there. i know where i was. i was here. then you went to asia, isn’t you? went to asia, hong kong, beijing, tokyo. unlike the people we were just talking about, this has nothing to do with leisure with you? no, this is work. all work and business. you go around the world lookingfor pleasure. let go down in order if we just had elections in japan and actually, we had, i asked yesterday. you weren’t here, i asked a person whether she can actually feel a tangible difference and you know what we’ve heard, people haven’t, since there was deflation, they same, they are married, with kids. we seen these articles. she said it is different. the smood totally different. i’d share the japan society. i am familiar with it. i have never seen a change in mood from pre-election lastnovember until last week. they’re confident he is very quickly going to take on some of the challenges. that’s the thing.because to me if it was just, you know, bernanke time, justmonetary, i’d say i wish we weren’t watching that work, he’sundertaken some of the structural things. he is. what’s interesting, they’ve changed inflation expectation without talking a lot of money. they’ve talked quantitative easing. they haven’t done a lot. what he has to do, they have to deal with agriculture.agriculture in japan is highly fragmented, very stiff rules about how much you can do. corporations are not allowed to own land. it will change owl that. get jap needs farming into themodern era so that japan can go into the transpacificpartnership. he wrote about things beforehand, he was talking about getting women into the work force and changing all kind of things. the big symbol i think will be agriculture, this part of the lbt houses part of its power base the rural area. you had breakfast with him, right? yes. go ahead, sorry him. and the jap fozzie electtorial system, there are more seats allocated per person in the rural areas than in the urban areas. ist gives disproportionate power. that’s why it’s such a challenge for him to deal with. if he does that, i think that japan will be off and running. buy stocks? buy the market? the market has been good. there i know, still? because it hasn’t been thatexpensive. before the market run, most japanese stocks were trading barely. it’s more multiples and yet they’re a good way to play the emerging market, because about a third of the earnings of the nikkei come from emerging countries and about a third of japan’s exports are merging. i didn’t realize that. japan is highly referaged to the merging market, plus the operations are loaded with cash. is that how you are going in? yes. with< a variety. of stock. i think japan has been a very undervalued market for quite some time. now there is a catalyst for change.they’re not buying farm land. are you not doing things herepeople can’t do? there are some of those things. i think japan, you should buy the significant companies that are involved with the developing companies. the other thing is the morale of the people is different. good. it’s a long slog.