Buy Japan's Exporters

A decade of economic decay has finally resulted in some attractive stock prices

Japanese stocks have put a world of hurt on intrepid investors who dared to call that market's bottom at any time in the past decade. Now with the Japanese economy seemingly bent on a fourth recession since 1990, few are inclined to try again. And that's a shame. With the yen near record lows and the U.S. economy headed into recovery, the stocks of some Japanese exporters are looking attractive.

Viewed more broadly, a lot of good things have happened in Japan in the past couple of years--finally. Hundreds of companies like Nissan and Sega have taken Western-style restructuring to heart....

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