Wednesday, September 18, 2013

Gartman: Japan will actually regret Olympics

Tokyo's winning bid to host the 2020 Olympics will likely boost Japan's gross domestic product, but hosting the games may actually prove to be a financial burden in the long run, investor Dennis Gartman said Monday.

"There's no question it will be good for GDP … they're going to have to build new venues. They're going to have to upgrade their roads. They're going to have to build new bridges," Gartman said on CNBC. "We also know that with the exception of every other city other than Calgary, anybody who's held an Olympics in the last 40 years has regretted the fact that they've done it … I bet that this is going to be detrimental to Japan in the long run and I bet by the time we get there, they're going to wish they didn't have the Olympics."

Following Tokyo's Olympics win, the yen fell on Monday, losing ground after Japanese stocks rallied and the Nikkei jumped 2.5 percent

Gartman, editor and publisher of The Gartman Letter, told "Fast Money" he remains long the Nikkei and short the yen.

"I want to be bullish of stocks generally. The Nikkei has done well for me recently," Gartman said, adding he plans to buy more of the Nikkei, too, because he think the yen is likely to continue to fall.