Japan may well already be in a recession, despite looking good on the officially reported GDP numbers. We should therefore steer well clear of any investments in anything dependent upon the domestic Japanese economy.
Japan's Macroeconomic Background
The basic worry about the Japanese economy is that this is what happens when the population ages past a certain point - the age profile of the populace leans too far toward those retired - and that economy doesn't do enough disruptive innovation. Japanese industry is absolutely great at making things, inventing them not so much. So, in