Cramer: Japan’s back, but …

Cramer: Japan may be back, but ...

While the Japanese market may be outperforming most world markets, U.S. investors might not be able to capitalize from it, CNBC's Jim Cramer said Wednesday.

"I think Japan is for real, but we won't see it because of the trade agreements. I think that Japan does not allow us [to sell] as much there," Cramer said on "Squawk on the Street."

Cramer made his remarks after the Nikkei 225, Japan's major stock index, closed at a new 15-year high of 20,196.56. The index is now up more than 43 percent in the last year.

The Japanese stock index was propped up by the country's better-than-expected economic data. First-quarter GDP in Japan rose 2.4 percent, while economists expected a rise of 1.5 percent.

Read More Tokyo stocks outperform on the back of GDP data

"The auto sales from around the globe are fantastic for Japan. It's clearly the leader [for them] because a lot of their technology companies have not done that well," Cramer added.