Fender Japan make really good guitars. I had a blackguard in vintage natural which had the most wonderful soft v neck. It came with Fender Original Vintage pickups which are great. The only thing I'd have changed on that guitar were the pots and switch but the stock ones worked fine for three years of gigging.
I don't think they're better than the US Fenders these days but they can be just as good. Remember that Fender Japan saved the company back in the 80's after the management buyout.