Report published August 27, 2026
Goldman Sachs Asia-Pacific Portfolio Strategy: Asian Equity Market Daily Update (August 27, 2026)
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- August 27, 2026
- Analysis as of
- August 27, 2026
Authors / editors: Timothy Moe, CFA, Alvin So, CFA, Kinger Lau, CFA, Sunil Koul, John Kwon, Amorita Goel, CFA, Terry Chan
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
On August 27, 2026, the MXAPJ Index rose 0.3%, bringing its 2026 YTD USD return to 23.3%, driven primarily by massive outperformance in Korea and Taiwan alongside Info Tech. Goldman Sachs maintains a 12-month MXAPJ target of 1080, representing 21% upside.
Key Takeaways
- 1.MXAPJ gained 0.3% on the day and is up 23.3% YTD in USD terms in 2026, driven predominantly by strong performance in Korea (+92.5% USD YTD) and Taiwan (+61.2% USD YTD).
- 2.Sector leadership in 2026 has been heavily concentrated in Info Tech (+76.4% USD YTD) and Materials (+20.1% USD YTD), while Communication Services (-20.4%) and Consumer Discretionary (-10.9%) have lagged.
- 3.Goldman Sachs targets MXAPJ at 1080 over a 12-month horizon (+21% upside), implying an expansion in forward P/E to 12.4x from 10.9x.
Table of Contents
- Asian markets at a glance
- Market valuations
- Japan in a nutshell
- Performance and correlation heatmap
- Fund Flows and Liquidity
- Market breadth and baskets performance
- Macro environment and financial conditions
- Earnings revisions of regional markets and sectors
- Disclosure Appendix
Report data
Exhibit 1: The MXAPJ index has gained 23.3% YTD after gaining 27% in 2025, particularly led by Korea and Taiwan markets while dragged down by Indonesia, India, and China. Sectorally, Info Tech and Materials are leaders in 2026. — as of August 27, 2026.
| Metric | Estimate | Context |
|---|---|---|
| MXAPJ YTD USD Price Return | 23.3%% | Year-to-date USD return for the MSCI AC Asia Pacific ex Japan Index as of August 27, 2026. |
| MXAPJ ex Korea ex Taiwan YTD USD Price Return | -2.0%% | Regional performance excluding the two leading tech-heavy North Asian markets. |
| MXAPJ 12M Target Level | 1080 index points | Goldman Sachs base-case 12-month index target for MXAPJ. |
| MXAPJ Current 12M Forward P/E | 10.9 x | Current forward price-to-earnings ratio for the MXAPJ Index. |
| MXJP Equity/Bond Yield Gap | 150 bps | Indicates expensive Japanese equity valuations relative to bonds. |
Reports in this series
Asia-Pacific Portfolio Strategy is shown in chronological order through this edition, published on August 27, 2026.
Part of the Asia-Pacific Portfolio Strategy series — view all 12 editions
Looking for the latest edition? Asia Pacific Portfolio Strategy Asian equity market daily update(94) (Sep 10, 2026)
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Authors / Editors
Reported Data Context
- MXAPJ YTD USD Price Return: 23.3% % (2026 YTD) · Source: Bloomberg, FactSet, MSCI, Goldman Sachs Global Investment Research
- MXAPJ ex Korea ex Taiwan YTD USD Price Return: -2.0% % (2026 YTD) · Source: Bloomberg, FactSet, MSCI, Goldman Sachs Global Investment Research
- MXAPJ 12M Target Level: 1080 index points (12-month forward) · Source: Goldman Sachs Global Investment Research
- MXAPJ Current 12M Forward P/E: 10.9 x (Current (as of 2026-08-27)) · Source: LSEG Data & Analytics, FactSet, MSCI, Goldman Sachs Global Investment Research
- MXJP Equity/Bond Yield Gap: 150 bps (Current (as of 2026-08-27)) · Source: FactSet, MSCI, Goldman Sachs Global Investment Research
Securities
Themes
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