2 thoughts on “The secret of Asia’s economic success

  1. michael

    Hi with regard to your article in this weeks money week.
    Where can I find the daily AXJ I have looked on the Msci web site
    but it only gives a PBV at the end of the month.
    Many thanks in advance.

    1. Cris Post author

      Hi Michael,

      Unfortunately I’m not aware of any easily accessible real-time source for PBV for most MSCI indices – that sort of data is only available through data services such as Bloomberg and Reuters.

      However, MSCI publishes a daily equity insights report that includes PBV for a number of indexes, including the Asia ex Japan IMI, which adds a lot of small caps to the main AxJ (AxJ is about 1,200 stocks and 85% of regional market cap, AxJ IMI is about 2,600 stocks and 99% of regional market cap)


      It’s currently 1.4 (to 1 dp), but you could more closely estimate the current AxJ PBV by multiplying the current value for the IMI by the ratio of the month-end PBVs for both indices from their factsheets – ie 1.4 x (1.37/1.32) = 1.45. That should be accurate enough over the course of a month.

      You could also do something similar by multiplying the month-end PBV for AxJ by the ratio of the latest AxJ value and the month-end value -ie 1.37 x (590/560) = 1.44. (The difference (1.44 vs 1.45) will just be due to rounding on the various numbers.)

      To answer the obvious question as to why I don’t just quote the IMI version instead – the AxJ is the standard reference and has a long history, so I have data on what that reached during various crisis (and even have rough estimates for what a proxy would have reached at various points pre-1987), but don’t have the same for the AxJ IMI and going back that far one can’t be sure how closely they would have tracked together.



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