Investor Jim Rogers said he’s not optimistic on global stocks, given central bank stimulus measures are providing an "artificial" boost to prices.

"Quantitative easing is going to end," Rogers, chairman of Singapore-based Rogers Holdings, said in an interview in Kuala Lumpur Thursday. "Either the central bankers are going to wake up to reality and stop this insanity of printing money all over the world or the market is going to say 'we don’t want your paper money' anymore."

Equities around the world plunged this month after Federal Reserve Chairman Ben S. Bernanke said May 22 U.S. policy makers could scale back debt purchases that have driven demand for higher-yielding assets.

The Bank of Japan refrained from adding to its stimulus this week, contributing to a 3.4 percent slide in the Nikkei 225 Stock Average. The MSCI World Index dropped 1.4 percent.

Rogers said he sold Japanese shares in May. He's buying the euro and Swiss franc, and selling U.S. and Australian dollars given the European Central Bank is printing less money than its major counterparts. On commodities, Rogers sees opportunities in items with "depressed" prices, such as sugar.

Sugar has dropped 14.6 percent this year to 16.61 cents per pound, data compiled by Bloomberg show. In comparison, the Standard & Poor’s GSCI Agriculture Index of eight commodities declined 11.2 percent in 2013.

Depressed Prices

Rogers, speaking at a conference in Kuala Lumpur earlier Thursday, said he wasn't buying gold yet, as the market needed a correction and hasn't reached a firm bottom.

Bullion has lost 17 percent in 2013, with prices reaching a two-year low of $1,321.95 on April 16 after rallying for the past 12 years in the longest bull run in at least nine decades.

"I would start by looking at things that are depressed rather than things that are going through the roof," Rogers said in the interview.

The World Bank lowered its 2013 global growth forecast to 2.2 percent from 2.4 percent Wednesday, saying a "recovery remains hesitant and uneven."

Bernanke said stimulus could be reduced if the jobs market shows signs of sustained improvement. Philadelphia Fed President Charles Plosser has called for tapering of the bond purchases as soon as the central bank's next meeting on June 18-19.

The South African rand, Brazilian real, Mexican peso and Australian dollar are leading declines among the world's major currencies in the last month, data compiled by Bloomberg show. The yen, Swiss franc and euro are the best performers.

The Asia Dollar Index, which tracks the greenback against six major counterparts, fell 0.3 percent Thursday and is down 1.2 percent since June 7. The yen rallied to its strongest level in two months Thursday.

“I’m looking around for another currency, another place to put money,” Rogers said.