Why is Japan always excluded from Asia?

Japan is excluded from investment strategies focused on Asia because it is a highly developed economy. As the only developed economy in Asia, companies in the country will be found in developed market indexes alongside the stocks of Europe, the U.S. and Canada.

investopedia.com - Asia Ex-Japan (AxJ) definition - Investopedia

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What Is Asia ex-Japan (AxJ)?

Asia ex-Japan (AxJ) refers to the economic region of countries located in Asia, but not including Japan. These countries are generally considered emerging markets and are of interest to investors looking for high-growth investment opportunities. Meanwhile, Japan is often considered to be a developed economy. Key Takeaways Asia ex-Japan (AxJ) involves the Asian economic region but excludes Japan. Many Asian countries are considered to be emerging or developing markets, which many investors find attractive as growth drivers. Because Japan is a developed economy, emerging markets investors interested in the region would not want to hold securities from an advanced and mature economy.

Several benchmark indices and ETFs are available that track AxJ.

Understanding Asia Ex-Japan (AxJ)

Asia ex-Japan is a popular strategy with numerous indexes and funds. These countries comprise a significant portion of the world’s emerging market countries. Emerging market countries are of interest to investors because of their potential for growth. These countries are seen to be in a high growth phase. Emerging market analysis typically considers macroeconomic conditions, rapidly increasing GDP rates, political stability, legal property rights, capital processes, and trading and settlement procedures when classifying a country as an emerging market. Asia’s emerging market countries have been exporting more commodities and increasing electronic manufacturing. Growth in China specifically has also been escalating with leading innovation and growing adoption of new financial technology offerings. Asia’s growing middle class has also been a significant factor for the region’s growth. Mutual funds that are classified as Asia ex-Japan seek to focus on stocks in these countries exhibiting high growth potential. Japan is excluded from investment strategies focused on Asia because it is a highly developed economy. As the only developed economy in Asia, companies in the country will be found in developed market indexes alongside the stocks of Europe, the U.S. and Canada.

Asia Ex-Japan Indexes

To invest in the emerging market countries in the Asia ex-Japan universe many investors may look to indexes for passive management approaches. Top indexes include the MSCI All Country Asia ex-Japan Index, the FTSE Asia ex-Japan Index and the Markit iBoxx USD Asia ex-Japan Index.

Asia Ex-Japan Funds

Both equity and bond mutual funds are managed to include securities from countries in the Asia ex-Japan region. Two of the categories top performing funds are included below.

Morgan Stanley Asia Opportunity Fund

The Morgan Stanley Asia Opportunity Fund has a five-year average annual return of 12.02% as of April 20, 2022. The return for its benchmark, the MSCI All Country Asia ex-Japan Index, was 6.75% for the same timeframe. The Fund is actively managed and seeks to invest in top companies from the Asia ex-Japan universe. As of March 31, 2022, its greatest allocations were to consumer discretionary and financials.

Fidelity Emerging Asia Fund

The Fidelity Emerging Asia Fund has a one year return of -32.66% through March 2022. The comparable one year return for the MSCI All Country Asia ex-Japan Index during the same timeframe was -14.64%. The Fund primarily invests in Asian emerging market companies. As of March 31, 2022, 85% of the Fund was invested in Asian emerging market equities with 47% of that invested in China. Top holdings through March 31, 2022 were Alibaba Group, Taiwan Semiconduct, Meituan, and Samsung.

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What's the very first religion?

Sometimes called the official religion of ancient Persia, Zoroastrianism is one of the world's oldest surviving religions, with teachings older than Buddhism, older than Judaism, and far older than Christianity or Islam. Zoroastrianism is thought to have arisen “in the late second millennium B.C.E.

getty.edu - In Search of One of the World's Oldest Religions - Getty Center

We confront a mysterious man in profile, a hood tightly affixed to his head, a dagger short sword at his side, a large bundle of sticks held with outstretched arm. Who is he?

To Dr. John Curtis, Keeper of Special Middle East Projects at the British Museum, the answer is clear: a priest of the Zoroastrian religion. Sometimes called the official religion of ancient Persia, Zoroastrianism is one of the world’s oldest surviving religions, with teachings older than Buddhism, older than Judaism, and far older than Christianity or Islam. Zoroastrianism is thought to have arisen “in the late second millennium B.C.E. amidst semi-nomadic pastoralists in the Central Asian steppelands,” according to Dr. Jenny Rose, a scholar of the religion. Its name comes from Zarathushtra, to whom the earliest texts of the religion (the Gathas, or “songs” of praise to Ahura Mazda) are ascribed. He was known to the Greeks as Zoroaster, hence the name we know today. In Zoroastrian thought, good and evil are strictly divided. The deity Ahura Mazda (the “wise lord”) establishes everything good, whereas Angra Mainyu (the “destructive spirit”) is the source of everything evil, bringing chaos to the orderly world. The chaos and confusion of evil are spoken of as “the lie,” in contrast to the order, right, and truth of Ahura Mazda. So how do we know that the golden priest represents the Zoroastrian tradition? He’s “holding a barsom, a bundle of sticks or grasses that were gathered up after ancient religious ceremonies or sometimes sacrifices,” said Dr. Curtis, “and the barsom is a symbol of the Zoroastrian religion.”

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