Mr Kitakura says: "It is understandable investors looking at the broader Japanese market will continue to question the likelihood of the government and Bank of Japan's ability to deliver fundamental change via the goals set out by the Abe administration.
"Although the overall desire to deliver change from a macro-economic perspective is a challenge, it must be understood that changing the mindset of both Japanese corporates and individuals will take time."
But the quality of corporate Japan should not get lost in the mire of headlines and soundbites about the macro-economic environment.
Mr Kwok explains: "The Topix is home to 1,900 companies; the market has more than 3,500. Corporate Japan emphasises product and process excellence - it has long experience of managing costs and supply chains are highly sophisticated.
"The country is an outstanding opportunity for the diligent stock picker prepared to do his own investigation and deploy capital patiently. And it offers considerable diversification potential."
According to Whitechurch's Mr Willis: "In relative terms, the Japanese market has its attractions but also plenty of risk. It is all about diversification, however, so holding a small portion of an appropriately risk profiled portfolio in Japanese equities does have its merits."
Headwinds
Robin Black, investment manager for global equities at Kames Capital, says as Japan's stock market is export dependent, it is "therefore driven by exogenous factors such as the yen or global demand.
"So it is difficult to make a compelling buy case for Japan if you anticipate a strong yen or global economic slowdown."
However, despite these potential headwinds, Mr Black adds: "If growth accelerates or the yen weakens, these factors will help the market.
"We see value in Japan - it is trading on 13 times price to earnings ratios, compared with Europe on 16 times or the US on more than 18 times. Not only is it cheap relative to other markets, it is also cheap compared with its historic levels."
Differentiation
Morningstar's Mr Bourbon believes it is important for advisers to explain the difference between the state of the economy and the state of the markets.
Mr Bourbon explains: "It is important to explain equity market returns have a weak correlation to economic performance.
"It is also important to instill a valuation-first mindset, which in the case of Japan appears relatively attractive on most metrics.
"Also, Japanese exposure gives investors access to a currency often considered a safe haven, meaning sterling investors tend to get compensated for holding the yen at times of stress."
