OK, so I have to admit I was hoping for some better bargains than this, but I've forced myself to follow my own "rules" - Emerging Markets and Pacific excluding Japan have just crossed up through their 21 week EMAs and SSTOs.
That means I'm buying them.
All other markets (US; UK; Europe; Japan) look expensive to me, although I'm at pains to point out that I have NO IDEA what the future holds. This is purely a rule-following exercise.
Since I approximately follow the Permanent Portfolio (with personal tweaks of adjusting allocations based on long-run price averages and timing of equities and bonds based on long-term moving averages to avoid bear markets and buy into bull markets at the beginning when they are cheap), my current allocation to equities is 27.6% based on long-run price averages.
I break that allocation to equities down as follows:
UK = 16%
US = 20%
Europe = 16%
Pacific ex Japan = 16%
Japan = 16%
Emerging = 16%
Therefore, only (16% * 27.6%) = 4.4% of my total wealth has been allocated to each of these markets.
Never put all your eggs in one basket...
UPDATE - I realised I ought to have pointed out HOW to buy these markets!
I'm personally buying the following:
Blackrock Pacific ex Japan Equity Tracker Class D Acc
Blackrock Emerging Markets Equity Tracker Class D Acc
Through my TDDirect SIPP and ISA.
As always, Monevator has a fantastic comparison of most (all?) of the online brokers and the cheapest index trackers. Like him, I also prefer funds rather than ETFs, and you can see why here.