Warren Buffett’s buying of Japanese trading firms helped propel the nation’s stocks to multi-decade highs. Six months on, insurers and banks are emerging as the next potential value targets.

Insurers have low price-to-book ratios, strong fundamentals and relatively high returns, said Masakazu Takeda, who manages the $294 million Hennessy Japan Fund for Sparx Asia Investment Advisors Ltd. in Hong Kong

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