Asian shares in a secular bull market
While Asia ex-Japan was hit hard by the global financial crisis, the region has bounced back just as dramatically, helped by stimulatory monetary and fiscal policies, a rebound in global trade and the absence of the secular constraints weighing on many advanced countries.
The anticipation and then reality of this saw Asian shares dramatically outperform traditional global shares last year. However, so far this year Asian shares have underperformed traditional global shares, basically flat compared to a 5% or so rise in traditional global shares. Does this mean the outperformance by Asian shares has run its course? This note looks at both the economic and share market outlook for Asia ex-Japan.
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