On Monday, Yasuo Fukuda resigned as prime minister of Japan, because of a deadlock in the political system.

Martin Hutchinson, who up to now has been bullish on Japan, says Fukuda’s resignation is bad news for Japan’s near-term economic prospects.

However, Martin says there’s another Asian market that’s well worth a look: Korea.

Martin says the iShares MSCI South Korea Index Fund (NYSE:EWY) is good value now at a multiple of 10.3.