The Japanese market has been beaten down so much over the last twenty years, it's going to have a huge long-term rally once the Japanese economy gets humming again. I'm not saying that said bull market will start next year, but it's likely to get rolling within a decade.
If there's a young Japanese stockpicker who yearns to be Japan's Warren Buffett, this is the perfect time to try out. Mr. Buffett got rolling during the great U.S. bull market of 1949-66, and found some incredible values early in his career. There should be lots of pickings for an orthodox Ben Graham approach, which is how Mr. Buffett started off.
I'm beginning to wish there were a Japanese value fund run on Grahamite principles...
[The above post was inspired by one at "Investing Obtusely," which pointed to a counter-zeitgeist initiative to liberalize banking in Japan.]