Japan (Topix) is doing well this year in US dollar terms, up 12% compared to 11% for the S&P 500 and 13% for the MSCI World index.
The issues facing Japan with respect to its ageing population are well documented.
With 17,000 listed companies in Asia Pacific ex Japan, the search for good quality businesses available at attractive valuations is immense.
Amid the attention focused on the recent downgrade of China, it is easy to forget that Indonesia was upgraded the week beforehand, when Standard & Poor's became the third and last of the major agencies to rate the country as investment grade (BBB-).
Panic over EMs not matched by those on the ground
John Redwood, chief global strategist at Charles Stanley, challenges investor preconceptions about investing in Australia.
There has been significant momentum behind Asian markets in recent months. The MSCI AC Asia ex Japan rose 13.4% in US dollar terms during the quarter, the best start to the year since 1992.
Political stability crucial