This Time, Investing in Japan Actually Pays

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For most of the last 35 years, investing in Japan has been an exercise in patience, pain, and occasionally comedy. Every few years, Wall Street would rediscover Japan. Strategists would dust off the same slides, point to low valuations, talk about reform, mention the aging population in a somber voice, and tell us that this time was different. Then nothing much happened. Japan stayed cheap. Corporate management stayed indifferent. Balance sheets stayed lazy. Shareholders stayed somewhere near the bottom of the priority list, just above the guy delivering copier paper. The market would rally for a while, disappoint everyone, and…

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