Sorry to say that I don't like the Japanese market...........at present time.
I prefer the European   Market.

If you can take risk,I suggest Vietnam Market.

Yes the PE is very high , as too much money around, and too little shares in the market.
In fact there are not many public company where you can buy their shares.
JF Vietnam Fund is a close Fund.
They only accept new money from investors  when they ( think it is suitable /or /when they feel like it.)
I got some  in early 2007.
However, the prospect is very good,as their growth will be very fast.
Many Inernational investors will go into their market.They may be similar to the growth  in China 10 years ago........I think