The main reason: Any manager smart or lucky enough to have underweighted Japan in his portfolio was likely to have done better than the MSCI Europe and Far East index.

FORBES: About Burton Malkiel

Rather than acting as portfolio managers, Japan's banks and companies would do better to concentrate on running themselves.

ECONOMIST: Japanese business

The supplemental insurance company which generates about 75% of its revenue from Japan operations had a huge chunk of its investment portfolio invested in European banks and debt, and has been recording large losses since the financial crisis winding down those positions.

FORBES: Connect

Many observers have also argued that a number of countries have grown rapidly -- Western Europe and Japan before and China today -- without free mobility of private capital, especially of portfolio capital.

CNN: VIEWPOINT

Ward's portfolio has risen 1.7% against the benchmark MSCI Asia Pacific Free ex-Japan index, which has fallen 13.3% since February.

FORBES: Classic Hedge, Asian Flavor