Japan’s Nikkei has risen 24% this year with a price-to-earnings (P/E) ratio of 22, making it cheaper than the Nasdaq, which is up 19% and trades at a P/E of 34. Europe’s STOXX index has risen 13% with a P/E of 18. Ahead of the Japanese leadership election, foreign investors bought ¥4.36 trillion ($28.9 billion) of Japanese stocks, the largest consecutive purchase weeks since at least 2005.