Yes, Japan is cheap, but cheap assets can get cheaper; particularly if you don't have an asset specific catalyst in mind.
The Nikkei closed up +0.92% overnight at 13,360, and I'd have to see a close above the 13,537 line in order to get more constructive on the region.
Fundamentally, the Bank of Japan assured us overnight that things are worsening in 8 out of their 9 economic regions. My old friend inflation was cited as the primary reasoning for dampening growth.
The March 2008 lows on the Nikkei remain a lot lower. Be careful out there if you're trying to be the Buffett of Asia.
It is global this time, indeed.
(Chart courtesy of stock charts.com)