This is a fund with a great pedigree, and has an entrenched value approach.  The latter hasn't always been helpful, though it did help the fund outperfrom the index over the last 2 years - sadly this only meant that it didn't fall as much as the index. It is difficult to know what manager style will lead the eventual recovery in Japan, so stick with this one in the absence of obviously better alternatives. Their stockmarket does appear to be historically very attractive - it is just difficult to figure what the catalyst will be for recovery.

Japan remains the worlds 2nd largest economy (though this is often overlooked) and there should be some exposure as a long term holding in your portfolio, though not more than 5% unless you are attracted by the considerable value that is emerging In the Japanese stockmarket.  Higher risk, but not greatly so. 

To achieve capital growth by investing in Japanese equities. The Fund Manager focuses on companies with a proven track record and solid profits growth prospects which are not fully reflected in the current share price relative to other companies. These valuation discrepancies are caused by short term sentiment, and tend to narrow in the long term as other investors take advantage of good value share prices among good quality companies.