The Japanese equity market is offering a lot of promise according to the NY Times. See this article. Japan is a little more dependent on imported oil than other countries. Not a good thing when these is the prospect of a political crisis in the Middle East; and yet Japan's oil consumption per capita is far less than other Western nations, so overall this is not so significant.
Any chance of reform in Japan? Well, its looking less likely, but the market is still cheap. I think the property market looks far better because the government regulation is actually making opportunities, and its an otherwise less regulated market. The yields are high too. One of my favourite old stocks was KDDI. There was another setting up a Wimax network, but I think its since been acquired by KDDI.