February’s publication summarizes two outlooks on Japan. The first considers how the yen may devalue further, which bodes well for the Japanese economy and equity investors. The second discusses how low absolute valuations ultimately will lead Japanese equities to outperform, despite structural problems that are well known to investors.

• “It Ain’t Over ’Till It’s Over” Chen Zhao, BCA Research, January 2013
• “Is Japan the Ultimate Contrarian Play?” Campbell Gunn, T. Rowe Price, November 2012