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  "documentTitle": "guide to the markets asia",
  "authorId": "JPMorgan",
  "authorName": "J.P. Morgan Asset Management",
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  "notes": "The chart illustrates that despite significant intra-year volatility, annual returns are frequently positive.",
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      "text": "Despite average intra-year drops of -20% (median: -17%), annual returns are positive in 24 of 38 (63%) years",
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      "text": "Calendar year returns (bars) and intra-year declines (diamonds) from 1988 to 2026",
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      "text": "Source: FactSet, MSCI, J.P. Morgan Asset Management. Returns are price returns based on MSCI AC Asia Pacific ex-Japan Index in U.S. dollar terms. Intra-year decline is the largest peak to trough decline during the respective year. 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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      "text": "Calendar year return; Intra-year decline",
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      "text": "Annual equity return: 63%",
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      "text": "MSCI AC Asia Pacific ex-Japan intra-year declines vs. calendar year returns. Despite average intra-year drops of -20% (median: -17%), annual returns are positive in 24 of 38 (63%) years",
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      "text": "APAC ex-Japan equity annual returns and intra-year declines",
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