Anuj Arora, head of emerging markets and Asia Pacific equities, says the key is separating geopolitics from economics. “All the geopolitics and news have dominated the media this year around tariffs, [but] the economics really haven’t changed,” he says, pointing out that 85%–90% of listed company revenues in most Asian markets are generated domestically. Korea, Taiwan and Japan are more export-exposed, yet are highly embedded in global supply chains with pricing power in niches such as memory and logic. “Most of the tariff-related cost increases have been absorbed by the American consumers,” he adds.
Asian equities are set up for a multi-year run on the back of resilient domestic demand, governance reform, a re-rating of North Asia’s tech supply chain and a softer US dollar, according to senior investors at JP Morgan Asset Management (JPMAM). Speaking at the firm’s Asia Media Summit 2025 in Seoul on Oct 14, its strategists and portfolio leads argue markets have looked through tariff headlines and are instead pricing cash flows, buybacks and semiconductor cycle strength.
“History is back with a vengeance,” says Alexander Treves, head of investment specialists for Asia Pacific, emerging markets and Asia-Pacific equities, who frames the opportunity through three decades of corporate change in the region. The investable universe has shifted from state-linked utilities and low-return property developers to private-sector, entrepreneur-led companies that manage capital more tightly and reward minority shareholders, he says. Better boards, buybacks and dividends are “existential” to returns, he adds.
