Asia-Pacific Portfolio Strategy

Latest edition · September 2, 2026

Asia Pacific Portfolio Strategy Asian equity market daily update(10)

The MSCI AC Asia Pacific ex Japan (MXAPJ) Index fell 1.8% on September 2, 2026, led lower by Korea and Taiwan despite resilience in Southeast Asian markets. Goldman Sachs maintains a 12-month MXAPJ target of 1120, implying +28% upside from current levels.

On September 2, 2026, the MXAPJ Index declined 1.8% in USD terms, driven by daily losses in Korea (-4.0%) and Taiwan (-2.4%), as well as Information Technology (-3.0%) and Industrials (-2.8%). Year-to-date, MXAPJ has gained 21.4% in USD terms, heavily supported by Korea (+83.8%) and Taiwan (+61.6%). Regionally, MXAPJ trades at 10.5x forward P/E and a 460bp equity/bond yield gap, reflecting mid-cycle valuations and a deep discount to the US and Europe. Goldman Sachs targets a 12-month MXAPJ level of 1120 (+28% upside) and a TOPIX target of 4600 (+13%).

Key takeaways from the latest edition

• 1.MXAPJ dropped 1.8% on the day, with Korea (-4.0%) and Taiwan (-2.4%) underperforming, while Malaysia (+0.3%) and Singapore (+0.4%) outperformed.
• 2.Year-to-date, MXAPJ is up 21.4% in USD terms, driven primarily by strong YTD gains in Korea (+83.8%) and Taiwan (+61.6%), and sector strength in Info Tech (+72.9%).
• 3.Goldman Sachs maintains a 12-month MXAPJ target of 1120 (+28% upside) with a target forward P/E of 11.9x, noting Asian equities trade at a substantial valuation discount relative to the US and Europe.

What this series covers

• 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

Edition archive

• Asia Pacific Portfolio Strategy Asian equity market daily update(10)

  September 2, 2026

• Asia Pacific Portfolio Strategy Asian equity market daily update(9)

  September 1, 2026

• Asia Pacific Portfolio Strategy Asian equity market daily update(8)

  August 31, 2026

• Asia Pacific Portfolio Strategy Asian equity market daily update(90)

  August 27, 2026

• Asia Pacific Portfolio Strategy Asian equity market daily update(89)

  August 26, 2026

• Asia-Pacific Portfolio Strategy Asian equity market daily update(83)

  August 13, 2026