After running in place for much of this year, Japan’s exchange traded funds (ETFs) look like they’re mounting a comeback. But will it stick?

The Nikkei is heading into 2011 on a bullish note, and some analysts expect the benchmark index to rise about 20% next year.

A recent Reuters poll shows Japanese stocks are likely to end next year roughly 17 % above current levels, helped by a recovery in the U.S. economy and rising demand from emerging markets. [Japan ETF: Don’t Call a Turnaround Just Yet.]

Further, Japan’s own production is strengthening. According to NZHerald, factory output is up 1%, and the demand is coming largely from drive overseas.

If you’ve been waiting on a turnaround in this flagging economy, the recent moves and forecasts might just be the buying opportunity you’ve been looking for, reports NTD Television. There’s still room for more, too: iShares MSCI Japan (NYSEArca: EWJ) is still 30% below its February 2007 high. The top-performing Japan ETF in the last six months, however, has been WisdomTree Japan High-Yielding Equity (NYSEArca: DNL), which is up 26.7%. [Japan’s ETF and Sentiment Rises.]