NEW YORK (ETF Expert) --Japanese stocks have been perennial underachievers.When I suggested on Dec. 20 that investors might benefit from WisdomTree Japan Hedged Equity ( DXJ), I was asking certain readers to challenge conventional wisdom. (See "A Foreign Stock ETF For A Rapidly Declining Currency.") My thought process on the matter was relatively straightforward. The incoming prime minister of Japan expressed a determination to devalue the yen through unconventional bond-buying measures. At the time, it appeared that those measures might even rival the U.S. Federal Reserve's electronic moneyprinting. It followed that if investors benefited by signing on for the Fed-fueled stock rally, wouldn't they be rewarded by dancing to the Bank of Japan's tune as well? Indeed, as long as one had a means to hedge against the yen's decline in value, one might profit handsomely in Japanese stocks due to the enormous increase in money supply. Since Dec. 20, Wisdom Tree Japan Hedged Japan Equity has rocketed 13.1%. As crazy as it sounds to "strong" currency advocates, the weakening of the yen may have bolstered confidence in Japanese companies and the Japanese economy. Keep in mind, I did not predict the CurrencyShares Japanese Yen Trust ( FXY) would lose -9.4% in six-and-a-half weeks. I made a simple observation that the 50-day trendline of the exchange-traded fund had crossed below the 200-day trendline. With the yen likely to fall further in value, I surmised that Japan Hedged Equity had a reasonable risk-reward relationship.