Bulls could argue that they are also more likely to capture new growth opportunities in an economy undergoing structural change, and are better equipped to adapt culturally to appease foreign investors – a point that already appears to have been picked up by activist investors.

With that in mind, Mr Gibbs’ claim that they’re being overlooked is an interesting one.

“Given the relatively inefficient nature of small-cap research in Japan, it is almost always worth delving into small-cap stocks,” he says.

“Many stocks fall off investors’ radar screens and become undervalued, resulting in significant valuation dispersion within the small-cap universe. Independent, disciplined research in this area of the market, resulting in high-conviction non-consensus views on individual stocks, can often add more value than in [the] large-cap arena.”

Of course, whether clients choose to follow this advice will depend on their faith in Japan’s economy and Mr Abe’s ability to deliver on his promises.

Domestically-focused small-caps tend to mirror the health of the country they hail from, so it is important that an investor buys into the government’s drive to get its ageing, shrinking population to spend more.

Advocates are adamant that the structural reforms introduced by Mr Abe will come good over time, and have been unfairly hindered by economic uncertainty across key trading nations. In opposition, critics argue that Abenomics’ time is up. 

Those investors who prefer to take the patient view should be prepared to encounter plenty more turbulence in the coming years.

As is regularly the case with value investing, sentiment can be very volatile before the underlying benefits fully register with sceptical markets.

Mr Abe will be hoping that his experimental, often maligned strategy to bring Japan back from the brink of collapse follows a similar path.

Daniel Liberto is a freelance financial journalist