"While we've seen a big rally, Japan started very cheap and still looks cheap, " says Russ Koesterich, global chief strategist at iShares, an exchange-traded-fund provider.

WSJ: Why Japan Is Looking Good

In Britain, Barclays Global Investors, part of the banking group, has become the world's fourth-biggest asset manager after acquiring Wells Nikko, an index-fund provider that was itself the product of a joint venture between an American and a Japanese firm.

ECONOMIST: Local restrictions permitting