It seems like everyone loves to wheel out the ole Nikkei when the discussion turns to "buy and hold doesn't work out for everyone - just look at the Japanese investor who was buying in the 80s!" then cue a series of gently-down-sloping graphs.
There's this dude who is famous in Japan at the moment called Kiritani-san. He first appeared on this talk show hosted by an enormous transvestite called Matsuko Deluxe, shot to instant fame and has since appeared a few more times on the show and published a book (
http://www.amazon.co.uk/Kiritani-san-kabunushi-yutai-seikatsu/dp/4041105595).
He even has his own Wikipedia page these days:
https://ja.wikipedia.org/wiki/%E6%A1%90%E8%B0%B7%E5%BA%83%E4%BA%BAApparently he was a Shogi (chess) master, but what he really became famous for was the fact that he was a master of collecting investments based on the freebies they were giving out.
His investments are worth about USD1.5m, spread over about 600 different companies. Dividends give him about USD25,000 per year, which more than covers his rent and electricity. Everything else is completely covered by the USD40,000-odd in vouchers he receives from companies.
https://www.google.com.au/search?q=桐谷+優待&tbm=isch(I tried and failed to find the TV episode where he became famous because it's quite easy to make out what's going on)
Vouchers which, I might add, don't appear on any graph of the Nikkei I've ever seen.
(there's also other weird shit in Japan like this:
http://www.nytimes.com/2015/05/31/business/international/in-japan-you-get-a-tax-break-and-a-side-of-lobster-and-beef.html?_r=0)
Anyway, I'm not going to claim that returns have been great for Japanese investors but they haven't been as bad as people keep making out.