He’s widely followed for his prowess in timing the market and in a live interview on CNBC's Fast Money strategist Doug Kass says if you have a long-term time horizon, the time to go long Japan is -- now.

You read that right – long Japan.

Yes, we know that Japan has a 218% debt to GDP ratio, an aging population, and it officially slipped into a recession in the first quarter.

Kass knows that too. In fact he concedes that the Japan trade is boring, frustrating and painful but he also says it could possibly make investors a lot of money.

And his thesis for this trade is quite simple; On a valuation basis, the Seabreeze president and CNBC Contributor thinks Japan is cheap.

”One can make the case that on a valuation basis, the Nikkei is as cheap now as the US market was at its generational lower in March 2009,” he says.