Euro zone not working: Buffett

"There is a major flaw in the euro system ... I do know the system as presently designed has a major flaw and that flaw won't be corrected just by words,” he told CNBC during his first trip to Japan on Monday.

Buffett, known for his long track record as a value investor, said he had no idea how Europe's sovereign debt crisis, which started in Greece two years ago and rages on, would end, though he noted there were good valuations among companies in Europe.

“Not in the debt space, but in the equity space there are opportunities. I can think of a dozen euro stocks that are attractive ... there are stocks I like and wonderful businesses.

Buffett earlier told reporters in Iwaki City in northeast Japan that he also sees opportunities to invest in the country and was not deterred by either the March earthquake or a scandal engulfing camera and medical device maker Olympus. Buffett surprised markets this month when his company spent $11 billion to buy stake in IBM.

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