If you invested in Swedish stocks in February 2000, it would take exactly seven years to compensate for the losses. Of course, the Swedish market is riskier than US or German stocks.
What has been wrong with Japan? The banking crisis. It broke out in the early 1990's and in a sense it has never been resolved.
On the other hand, Sweden suffered a brief episode of a banking crisis in the early 1990's, too. The Swedish authorities were able to tackle the crisis soon and properly. In two or three years the crisis was over. The total costs were nearly negligible.
The best stock markets are usually found in the countries, which can solve problems. I don't mean authorities only; the general problem-solving capability and flexible thinking is the most valuable characteristic of any country, any civilisation.
By the way, the so-called abenomics, the economic policy of Shinzo Abe, is likely to fail, too.