Last year, this column argued that it was time to start paying closer attention to the Japanese stock market. This reflected a huge rise in Japanese corporate profitability over the last decade, improved corporate governance frameworks, and a compelling valuation profile. Investor interest has since surged, with the result that the main Japanese stock exchanges have surpassed their previous peaks and have made fresh all-time highs.  I strongly anticipate further material gains over the coming years. I think that similar arguments can be made for an out-of-favour stock market which is much closer to home – the UK’s FTSE. On…

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