While China's market soars to new heights seemingly every day, the Land of The Rising Sun has also become the Land of The Rising Market. The benchmark Nikkei closed at its highest level in more than 7 years Thursday. What's behind Japan's emergence and how do you trade it from here?

The weakening yen is partially responsible, Pete Najarian says. Honda (HMC) and Toyota (TM) are both names to watch, along with the steel and financial sectors. “Japan has things moving in the right direction,” he says.

Guy Adami points to the iShares MSCI-Japan ETF (EWJ), which has gone nowhere this year but had been rallying.

Ignore the ETF, Jeff Macke says, and get long Japanese companies like Nintendo (NTDOY) – but ignore Sony (SNE).

Eric Bolling likes Japan’s steel industry, which is a big supplier to neighboring China. Stick with the global iron ore plays like CVRD (RIO) and BHP Billiton (BHP), he says.

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Trader disclosure: On June 12 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders:
Macke Owns (ATVI), Najarian Owns (NITE), (GS), (STX), (AAPL); Bolling Owns (ICE), (T), (DIS)(NMX); Bolling Is Short S&P Futures; Bolling Is Short Nasdaq Futures