NEW YORK ( TheStreet) -- The devastating earthquake and the tsunami that struck Japan on March 11 sent stock markets into a tailspin. Stock prices plunged more than 12% in the last five trading sessions.

We have identified 10 Japanese stocks for the long-term. Panasonic ( PC), Sumitomo Mitsui Financial(SMFG), Mizuho Financial Group ( MFG), Canon ( CAJ), Nidec ( NJ), Nomura Holdings ( NMR), Sony ( SNE), Kyocera ( KYO), Mitsubishi UFJ Financial ( MTU) and Hitachi ( HIT) are expected to return up to 63%, based on their respective 12-month price targets.

Although these companies are based in Japan, they have been focusing on Asia and North America for growth opportunities. These companies garner around 40% of business from markets outside Japan. Most of the companies have good dividend paying history.

These stocks have an upside potential of 27% to 63% with minimum market capitalization of $12 billion.
10. Hitachi ( HIT) manufactures and sells electronic and electrical products in North America, Europe and Asia.

For the third quarter of fiscal 2010, consolidated revenue increased 5% year-over-year to $27.9 billion. Overseas returns that account for around 44% of the company's revenue grew 8% during the December quarter on higher global demand.

Operating income surged 53% year-over-year to $1.5 billion on improved revenue from operating segments such as construction & machinery, electronic systems & equipment and digital media & consumer products (DMCP). Net income for the quarter rose 49% to $993 million.

The company expects to generate higher revenue from segments like automotive systems, DMCP, social infrastructure & industrial systems as these sectors have rebounded after economic stimulus measures were announced around the world. The stock is trading at 7.4 times its estimated fiscal 2010 earnings and analysts expect an upside of 27% in the next one year.

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