Wisdom Tree's Japan Small Cap Dividend Fund ( DFJ ) yields nearly 3% and trades at roughly 80% of book value. A 20-year economic landscape branded by zombie banks, frightened management, bridges to nowhere, repeated bouts of deflation and broad-based despair has wreaked havoc on investor confidence. Experience has taught us that calling major secular turning points in any market is difficult at best, so we prefer to leg into investments over time as long as we have an appropriate margin of safety.