Where are the opportunities after a 'difficult year' for Japanese equities?

While we usually prefer to talk about the companies rather than the economy, it was interesting to note that 85% of trades last year were on auto-pilot - controlled by machines, futures traders and quant funds. What does a declining population mean for Japan? The TOPIX fell to around 12x forward price-to-earnings (close to where it was during the 2008 and 2012 downturns) and foreign capital flows amplified the level of volatility in the market - with a record ¥12.5trn of Japanese cash equities and futures contracts sold down over the year. However, during periods of market dislocat...