Nonetheless, he's still underweight Japan in his international fund, but said there are good companies doing interesting things.
Not all fund managers agree that corporate Japan has the capacity for meaningful change, however. Rajiv Jain of Virtus Investment Partners said Japanese companies "always spend too much on capex" and that cash just sits on their balance sheets.
He said it's been hard to find good investments. "While valuations look interesting, the better companies are dependent on China," he said. "I'm very concerned about risk coming from China's shadow banking system."
(Read More: Is It Game Over for Japanese Equities?)
But there is at least one stock that fund managers can agree on. Moffett, Jain and Mark Yockey of Artisan Funds all hold Japan Tobacco. The government has been selling its stake in the company to raise money, and Japan Tobacco has a large emerging-market business selling cigarettes in Russia.
And, Yockey said, "For the first time, they have professional management."
Despite the recent pullback, the stock is still up about 34 percent this year.
De Vaulx, meanwhile, sees opportunity in smaller Japanese firms. "There's more to Japan than a devaluation story," he said of efforts to push down the yen to help the major exporters.
"(Prime Minister) Abe wants inflation. Inflation could be good for small companies."
—By CNBC's Justin Menza. Follow him on Twitter @JustinMenza.