Many folks, thinking they've missed the boat, are hesitating taking the plunge on Japan since it has risen so much since the summer.
Worth pointing out that even although the Nikkei just broke 16,000 it actually traded at 20,000 (albeit sideways) in the mid 90s for quite some time. If you look further back to the end of the 80s I think it was almost at 40,000. So (IMO) given the Nikkei is trading at exactly where it was after the Asian economic crisis in the late 90s, Japanese shares could easily put on at least another 25% next year.
I've held JFJ and BGS for about a year now. Together they make about 5% of my long term portfolio; I am thinking of doubling down but need to sell something else. Oil maybe, but I fancy mining stocks (I have BHP) might hit the buffers first.