Japan has long been called the “land of the rising sun”. For decades, however, its economy and stock market have failed to rise in step with the U.S. Many factors have contributed to this outcome including challenging demographics, corporate structures and governmental policies. A milestone was reached in February when the Japanese stock market touched a high last reached 34 years ago. This drought likely is without precedent for a market that remains relevant nonetheless. In addition to the outlier experience of its stock market, Japanese bonds sustained yields near 0% or less for as long as any major developed market. A review of key variables may be informative for investment strategy ahead.