i'm doing preliminary due diligence on caj right now. looks like a high-quality company, but the valuation got kind of frothy at the top. current price looks fair, maybe a wee bit on the fat side still, but i use a pretty steep discount rate (10%), and im more attracted to "fair businesses with great price" than "great businesses with fair price", so YMMV.
Japan is in another bear market, and the rise of the dollar against the yen makes it harder for Japanese exporters to make money.
But subtract the net cash on the balance sheet from the share price, and CAJ is trading at 11 times trailing earnings, 9.75 time their estimate of future earnings (based on the current 107 yen/$), and yields over 2%. They are the world's leading maker of photocopiers, cameras and large LCD production alignment equipment, #2 in printers. Their sales are globally diversified, with only 21% to Japan and 30% to the US.