We’ve already found the values to be had in Japan: CAJ and FXY
EWJ is like most every other index based off of a major market. It’s toward the highest its been in 10-12 years. Therefore, no value to be had there and the sentiment is way too positive/bullish.
What has been hated in Japan? The yen (FXY) and Canon (CAJ). So, we’ve got Japan covered already and with stuff that’s beaten down rather that overly-loved. Plus EWJ shows signs of potential technical weakness.