“Japan was a basket case. The market value of many smaller companies was less than their net cash; in effect, the owners would pay you to take them away. But this year, it all came together. There has been much-needed inflation to help property prices recover and banks move out of the intensive care ward. Real wages are starting to rise again; the consumer is leading real estate plays such as new shopping malls - Osaka is a huge building site, with genuine renewal for the first time since 1989.”
