Ken Fisher says he’s increased his exposure to Japan in the wake of the recent crisis — and he says the media is “fanning the hysteria” surrounding the nuclear situation there.

Fisher tells Advisor One that he has “increased weight in Japan and picked up some other things, mostly technology, on the presumption that things tied to [Japan] will” improve faster than most people anticipate.

“We think this is largely a tragedy that is being expanded in the media,” Fisher said. “It’s a shame because people are acting like there is a major radiation problem all over Japan.”

Fisher says that overall, the market has been in a “normal corrective phase since the beginning of the year. There are too many optimists and too many pessimists, and this [Japan] is cooling down the optimists. … There are all kinds of super bulls and super bears, and not much in the middle.”

Fisher also says the recent nuclear backlash will remain in place for some time. “Everyone will be forced back to fossil fuels,” he said, adding that fossil fuels — namely natural gas — are “abundant”.