Is this the cheapest equity market in the world?

Investec's veteran stock picker Alastair Mundy said Japanese stocks are the most attractive compared to peers across the world, having fallen sharply in the last few months.

Mundy (pictured), running the group's £695m UK Special Situations fund, as well as the £2.2bn Cautious Managed fund, said he is finding a lot of opportunities in Japanese stock markets after the recent correction. The Nikkei 225 - one of Japan's major indices - is down around 15% from its peak of 10,255 earlier this year, although year to date it is up 3%. Meanwhile, the TOPIX has dropped from 872 to 723 over the last six months, a fall of 17%. Mundy now has about a 10% in Japan within the Cautious Managed fund, as well as a similar position in the Global Special Situations fund, h...