One is the rise of powerful, independent consumer-electronics retailers, such as Yamada Denki and Deo Deo, as Japan has gradually lifted restrictions on opening big stores.

ECONOMIST: The electronic pill-box

Yamada Denki's return on equity of 12% is high by Japanese standards, and Gray thinks that the company can deliver earnings growth of 20% a year, even if the Japanese economy doesn't recover soon.

FORBES: Unsung outperformers

Take Yamada Denki, a consumer electronics retailer.

FORBES: Unsung outperformers