Opportunities on the Horizon: Investing Through a Slowing Economy

Regional Previews | WEALTH OUTLOOK 2023 | MID-YEAR EDITION | 64 FIGURE 2 : Japan’s NegotiatedWage Growth and CPI Inflation Reach Highest Level in Three Decades -2 0 2 4 6 '90 '95 '00 '05 '10 '15 '20 Negotiated Wage Growth CPI Percent Y/Y Source: Haver Analytics, as of April 2023. FIGURE 3 : ASEAN Earnings Revisions Had Been Positive, while Valuations Have Fallen Notably 11 12 13 14 15 16 17 18 35 40 45 50 55 60 65 '10 '12 '14 '16 '18 '20 '22 PE EPS Forward EPS Forward PE Ratio (RHS) ASEAN Source: Bloomberg, as of May 30, 2023. Indices are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only and do not represent the performance of any specific investment. Index returns do not include any expenses, fees or sales charges, which would lower performance. Past performance is no guarantee of future results. Real results may vary.