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  "notes": "The scatter plot shows a negative correlation between P/B ratio and subsequent 12-month returns. The line chart shows a strong inverse relationship between the USD index and equity performance.",
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      "text": "Source: FactSet, MSCI, J.P. Morgan Asset Management. *Price-to-book ratio used here is trailing 12-months price-to-book ratio. Dots represent monthly data points since 1996. DM = Developed markets. Past performance is not a reliable indicator of current and future results. Guide to the Markets – Asia. Data reflect most recently available as of 31/03/26.",
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