TOPIX ended 2011 down 19%, close to a 30-year low. Seen in this context, Japan long/shorts have done relatively well to mitigate losses, with the median down 4% in local currency terms.
Since the end of 2006, the Japan long/short JPY median is down 5.03%, against a fall of 57% for the market.
A few managed to buck the downward trend in 2011. AlphaGen Tenro finished the year up 3.05%, following a 1.5% fall in the final month. Ginga Service Sector Fund was up 10.97% after a 1.39% December, and Hayate Japan was up 9.43% after a 1.6%