Good question Crarg re: Todays Japan index vs forex offset.
I traded CFD's with CMC Markets for many years and when trading O/S indexes, you needed to be mindful of the forex movements. In large trades I would hedge as Treggs said by entering an forex position as well.
It's worth mention though, I moved to IG Markets last year, the main reason being better spreads but secondly you can trade the main indexes in AUD values, thereby elimination the exposure to forex movements. I trade Japan225, HK42, Germany30 and FTSE all in AUD and had no issues.
Cheers.
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