Chris explained that in 2015 the fund suffered as everything that could go wrong did. The collapse of oil aided Domestic demand led companies and not International led Companies and that combined with a strengthening of the yen impacted the fund.
The key to the fund is all about the companies not the country and it is vital that the Yen does weaken and it is hedged.
The government has to drive down the yen weakness as it is vital for the Japanese economy and it is likely that this will be accomplished by continued Quantative Easing.
As I am writing this Japan has just announced a negative interest rate which has immediately caused the Yen to weaken. Although this was not predicted by Chris it is a prime example of the government driving monetary policy.
In summary 2015 was a bad year for the fund but everything is now set for the fund to recover and provide good returns during 2016 and beyond.