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Fast Money World - Japan

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At “Fast Money”, the buck doesn't stop at Wall Street. Our traders show you how to make money all over the globe. We call this feature fast money world. Today Dylan takes you to the land of the rising sun, but not so much rising stock prices – Japan.

Japanese stocks are striving to break through their high of one year ago and may get the catalyst to do just that tomorrow, if the Bank of Japan decides to keep interest rates at half percent, the lowest among major global economies.

What's more, the central bank's decision will send ripples around the world because of the so-called yen-carry trade, when investors borrow cheap yen to finance other investments.

Guy Adami says from 2003 to 2006 the iShares MSCI Japan Index ETF (EWJ) was a great performer, but it hasn’t done much for him recently. His suggests the way to play Japan is with the WisdomTree Japan Small Cap Fund (DFJ) and the Wisdom Tree Japan Hi-Yield (DNL).

Tim Strazzini agrees with Guy on DNL. He says it’s very hard for the average investors to get access to small caps in Japan and feels that’s a good name.

Jeff Macke says it’s tough to get into Japanese small caps, because who the heck knows what’s happening in Japanese small caps?! Instead, he likes Toyota (TM ) and Nintendo (NTDOY).

Eric Bolling says the yen trade is still too volatile. Instead, he prefers to put his money in South Korea and the iShares MSCI South Korea Index Fund ETF (EWY).

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Questions? Comments? fastmoney@cnbc.com

Trader disclosure:
On MAR 19, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders Bolling Owns (CVX), Gold, Silver, Soybeans, is Short Corn. Strazzini owns (CHK), (EWG), (STM) GE is the parent company of CNBC.