The iShares MSCI Japan ETF (NYSEArca: EWJ) increased 14.1% year-to-date. [Even After Strong Performance, Japan ETFs Look Attractive]

Investors can also utilize currency-hedged ETF options to track a growing Japan with worrying about a depreciating yen, including the WisdomTree Japan Hedged Equity Fund (NYSEArca: DXJ), iShares Currency Hedged MSCI Japan ETF (NYSEArca: HEWJ) and Deutsche X-trackers MSCI Japan Hedged Equity ETF (NYSEArca: DBJP).

Alternatively, ETF investors who want to capitalize on the improved outlook for the developed economies can track Europe, Australasia and Far East, or EAFE, markets for more diversified exposure.

For instance, the iShares MSCI EAFE ETF (NYSEArca: EFA) and iShares Core MSCI EAFE ETF (NYSEArca: IEFA) both track EAFE countries. EFA and IEFA have identical country exposure, but IEFA has a cheaper fee of 0.12%, compared to EFA’s 0.33% expense ratio, and the “Core” offering also includes small-cap stock exposure. Both ETFs include about 65% in developed Europe and over 20% in Japan. [Ride Global Growth with Developed Market ETFs]

Investors can also hedge the currency risks and capture developed overseas market exposure with the Deutsche X-trackers MSCI EAFE Hedged Equity ETF (NYSEArca: DBEF) and iShares Currency Hedged MSCI EAFE ETF (NYSEArca: HEFA). HEFA basically holds the same positions as EFA, except the hedged version uses cash and derivatives to mitigate the negative effects of a depreciating euro currency. DBEF tracks a hedged version of the MSCI EAFE Index as well.

For more information on the international markets, visit our global ETFs category.

Max Chen contributed to this article.