From The Guru Investor:

While Japanese stocks have for years yielded little for investors, some top value investors are keen on the country.

In a column for SmartMoney, Brett Arends writes that Japan's "stock market is cheap. Possibly very cheap -- at a time when nearly everything else looks pricey. The Nikkei 225, Japan's major stock market index, trades at just 10 times forecast earnings. The dividend yield is up to 2.3 percent -- a hefty amount in a country with zero inflation. Japanese equities today trade for half of annual revenues, according to FactSet. (The figure for the U.S.: 1.2 times revenues.) And they trade for less than book value, while U.S. stocks trade for twice book."

That, Arends says, has led some top value managers to load up on Japanese stocks. One is Charles de Vaulx of International Value Advisers. More than 40% of his...

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