If you do as suggested by R and use a pencil or such through the plug hole you'll find that there are 2 top dead centres. One of these should have a clearance on both valves (the end of the compression stroke), the other should have no clearance (end of the exhaust stroke). Make sure you're checking on the right one.
Yes - I know how to do valve clearances,
(been doing them on my 1150 BMW for 20 years)
I just didn't know 'where' on the JAP engine the clearance was measured, or what the clearances should be. I also don't know if there's paper gaskets that need to be bought first before I dive in.
Luckily I've got a copy of "The Book of the JAP Engine", and I've now found the info I need. Apparantly the clearances are 0.002" when cold, measured directly between the tappet and the valve-stem.
Which is what I expected, kinda, but I was confused by the multiple covers over the valve-gear: it would have made sense to me if the measurement was made somewhere in the rocker box because then it's 1 cover to remove and reseal, rather than 3 (or more).
I'm also slightly concerned about re-sealing the covers, the rocker cover contains 2 'bosses', which act on the rocker end-faces to maintain the 'end-float'. So adding a gasket of some sort would affect that end-float. (the rocker cover plate is also cracked, which doesn't make me happy either!)