The world's third-largest economy is likely to now be in recession, and Japanese investors have sensibly switched into defensive sectors and low-volatility stocks.
Markets in Thailand and Tokyo were the main losers on Wednesday, though Asian investors in general appear reassured the worst is over with Iran.
The won, rupee and yuan may turn from the poorest performance in 2019 to solid runs in 2020, while the Iran-induced run to the dollar and yen may reverse fast.
Here are five factors to watch in the first year of our new decade -- which will skew the world decidedly to the East.
The Nikkei 225 roster of Japanese large-caps could be set for a 17.6% run in 2020, when Tokyo will host the Olympics and markets look a solid bet for gains.
Only two other companies have rejoined the First Section of the Tokyo Stock Exchange since 2000, but they both saw heady rallies that Toshiba appears set to emulate.
Some signs show Japan and Europe are hitting bumps as the year winds down.
Plus, the Saudis look to press their oil agenda while Europe prints some ugly economic data.
These 10 companies have innovative approaches to reducing carbon emissions, from one of the most-advanced nations in terms of an environmentally-aware industry.
Softbank's founder Masayoshi Son had established a reputation for perceptive decision-making on tech investments. Has the firm lost its way?