Before 2023 began, few saw the rise of interest in investing in Japan, long considered the land that optimistic stock bets go to die.

But from spring of last year, inspired by the confidence of Warren Buffett and a realization that not only were things changing but had already changed, investors suddenly couldn’t get enough. The Nikkei 225 index hit highs not seen since 1990, while headlines spoke of a "stock market miracle” and asked "how Japan got its swagger back.”

In the months since, the optimism has been sustained: UBS Group appointed an equity strategist for Japan for the first time in seven years; Blackrock went overweight on Japanese stocks; and international funds flooded Tokyo in October for a government-led summit to encourage investment.