APAC / Issue 10 2018 19 Nomura’s Min Feng on The Asian Ex Japan Market g Until the US mid-term elections at least we expect trade tensions to remain elevated, and the Chinese economy is likely to see a further slowdown before it stabilizes. However, market valuations reflect these dynamics and the recently announced policy easing in China should prove helpful. Both the economies and corporate earnings growth of Asia ex Japan markets remain solid. Valuations are moderate and the deep discount relative to developed markets should keep further downside limited. On balance, therefore, we see the current market weakness as a good opportunity for long term investors to enter Asia ex Japan markets.