Asia Market Outlook 2019

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Recovery, Rebalancing and Rotation

Last year was one that many investors in Asian bonds might like to forget. The Bloomberg JPMorgan Asia Dollar Index was 4% weaker, the benchmark J.P. Morgan Asia Credit Index (JACI) was down 0.77% overall, and the noninvestment grade portion of that index posted a return of -3.20%. In our view, asset returns may see some recovery in 2019, but given the divergence in some country-level dynamics, we are taking a more cautious approach in our overall Asia portfolio positioning.