As for Japan, this is a market which barely registers with UK investors. Indeed, according to the Investment Association, it represents less than 3pc of total assets under management in Britain despite being one of the world’s three biggest stock markets. Despite this, there are plenty of reasons to have an exposure to the Tokyo market.

It is cheap, certainly by comparison with the US, it benefits from supportive fiscal and monetary policy, is increasingly shareholder friendly when it comes to dividends and share buybacks, is geared to a global economic recovery, and has leading positions in hi-tech sectors such as robotics and computer gaming.

So, there’s the investment backdrop. A positive outlook for shares, a need for some protection against rising inflation, and some stand-out regional valuation opportunities to take advantage of. The next job is to pick the right investments to play those three themes. But that is for another day, another crystal ball.

Tom Stevenson is an investment director at Fidelity International. The views are his own. He tweets at @tomstevenson63