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Investors should keep buying Japan: David Darst

Investors hunting for value in the global market should look to Japan, independent investment consultant David Darst said Friday.

The Nikkei index is up 13 percent so far this year, compared with the S&P 500's gain of less than 1 percent.

"Keep buying Japanese equities. ... It's a good way to get some exposure out there," the former chief investment strategist at Morgan Stanley Wealth Management said in an interview with CNBC's "Closing Bell."

Darst cited four reasons for his bullish outlook, including the restructuring put in place by Prime Minister Shinzo Abe to stimulate the economy, and the earnings growth occurring in Japan.

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Plus, there is an asset allocation underway, he said, noting that the country's Government Pension Investment Fund, or GPIF, is boosting its stake in Japanese equities to 25 percent from 12.4 percent.

He also expects more individual investors to come into the Japanese market.

Lastly, Darst thinks valuations are attractive.

"It's half the book value of the United States," he said.

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