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So far during 2007, Japan's broad-based Topix Index has lost 12.2%, while the benchmark Nikkei-225 Stock Average has given back 11.1%.
In U.S. dollar terms, the Topix is down 7.6%, the fifth worst performer out of 90 selected global indexes, according to Bloomberg data. The Nikkei is off 6.4%, placing it sixth from the bottom.
On that basis alone, it's probably worth having a look at Japan as a contrarian play for 2008, especially given how well other foreign markets have fared in recent times.
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