The Japanese equity market has seen net outflows in the past 12 months, with concerns over global growth and the trade war weighing on investor sentiment in the region.
Equity markets are being driven by the fact that bond yields have collapsed.
While macroeconomic concerns remain, the outlook for European equities is now more positive than a year ago.
It says something about the challenges the UK market faces when Brexit is not the biggest risk investors fear.
The popularity of ESG investing has grown significantly in recent years.
US equities began 2019 with a welcome respite, reversing course from their downward spiral in December 2018.
Despite some emerging evidence that Europe's economic prospects may be stabilising, the direction of the region's equity markets remains determined by extraneous factors, notably the progress of ongoing US-China trade negotiations.