The MSCI Asia-Pacific ex-Japan returned -0.3% in March after shrugging off initial weakness and outperformed the MSCI AC World by 1.3% in March in USD terms. Investors were nervous at the start of the month about the end of the US Fed’s zero interest rate policy (ZIRP) and the MSCI Asia-Pacific ex-Japan index was down 3.5% in the first half of the month.