Asia Pacific ex-Japan markets gave back some of the year-to-date (YTD) outperformance versus its global peers. The MSCI Asia Pacific ex Japan index returned 0.8% in the month of August, underperforming the MSCI World by 1.4%. Over the YTD period, Asia Pacific markets have outperformed their global peers by approximately 5.1%. They registered their 7th consecutive month of positive total returns in USD terms, the first time since 2005.