Japan’s equity market has been a standout this year: The Tokyo Stock Price Index (TOPIX) gained around 25% through mid-November.

It’s not just about short-term equity performance, however. Portfolio Manager June Yon Kim believes Japan is finally overcoming decades of deflation and high stock valuations to embark on a new normal.

Here, he discusses why Japanese equities may be one of the best medium- and long-term opportunities for investors today.