Daniel Loeb, the billionaire investor is not one to shy away from a good deal but as of the moment, he has his eyes set on Japan. This he told a hedge fund industry conference last Thursday, according to the attendees of the conference.

Loeb shared his insights from his purchase of Argentine and Greek debt issues and his investment in Herbalife, the nutritional supplements company. Most of the time though, he shared his thoughts on investing in Japan. He talked about the yen dropping at 100 to the US dollar, its lowest in the last four years.

Loeb's talk was attended by investment managers and investors on how his Third Point fund had been reaping double digit yields for the first quarter of 2013. While the rest of the of the market only had 4.6% in the first quarter, the stock market increased by 12.7%.

Loeb said he was pragmatic and opportunistic, not being tied down to a specific type of investment. He also searches for the next best investment idea, whatever part of the world.

Now, he focuses on purchsse of Japanese companies, which have increased as the country's exports have become less expensive because of the declining value of the yen.