This beaten Asian market could be a buy

As Asian stocks have continued their slide, some traders suggest that now could be the time to wade back in to several markets in the region.

Chinese stocks have seen extreme drops recently, with the Shanghai composite index losing 37 percent in the last three months. Japan's Nikkei 225 index has fallen 12 percent in one month.

However, technical analyst Rich Ross of Evercore ISI says Japanese stocks have become a buying opportunity.

"All of that quantitative easing that we're seeing out of the [Bank of Japan], that's putting downward pressure on the yen, which makes Japan more attractive." Ross said Thursday on CNBC's "Trading Nation."

Ross recommended using the WisdomTree Japan Hedged ETF, DXJ, to protect against additional currency risk when investing in the Nikkei with the yen. The DXJ has hit a low not seen since 2014, which Ross said signals opportunity for investors.

Hedged ETFs replicate the performance of a long-stock, short-currency strategy, which would alleviate concerns for U.S. investors about a continued decline in the value of the yen against the dollar.

More generally, while emerging markets have suffered in the past year, Larry McDonald of Societe Generale said they could be a good long-term investment.

Read MoreWhy emerging market currencies are collapsing

"They may have some rougher roads ahead, but if you look at total market capitalization versus GDP, emerging markets are trading 50 to 60 percent cheaper than the U.S.," McDonald said.

Emerging markets such as Brazil, Thailand, Vietnam and others have been dealt blows by weakening currencies, lower commodity prices and an economic slowdown in China. The iShares MSCI emerging markets ETF (EEM) has fallen more than 15 percent this year, despite a 3 percent rally this week.

However, McDonald said credit markets continue to paint a bearish picture in the short term.

Read More This obscure market is pointing to more pain for stocks

"The cost of default protection has to come down before equities bounce," he said Thursday on "Trading Nation." But "if you want to take a nibble in here, great."

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Trading Nation is a multimedia financial news program that shows investors and traders how to use the news of the day to their advantage. This is where experts from across the financial world – including macro strategists, technical analysts, stock-pickers, and traders who specialize in options, currencies, and fixed income – come together to find the best ways to capitalize on recent developments in the market. Trading Nation: Where headlines become opportunities.

Michael Santoli

Michael Santoli joined CNBC in October 2015 as a Senior Markets Commentator, based at the network's Global Headquarters in Englewood Cliffs, N.J.  Santoli brings his extensive markets expertise to CNBC's Business Day programming, with a regular appearance on CNBC's “Closing Bell (M-F, 3PM-5PM ET).   In addition, he contributes to CNBCand CNBC PRO, writing regular articles and creating original digital videos.

Previously, Santoli was a Senior Columnist at Yahoo Finance, where he wrote analysis and commentary on the stock market, corporate news and the economy. He also appeared on Yahoo Finance video programs, where he offered insights on the most important business stories of the day, and was a regular contributor to CNBC and other networks.

Follow Michael Santoli on Twitter @michaelsantoli

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