Source: Bloomberg

During the last three years, returns to Asian ETFs are positively correlated with changes in the 10-year Treasury yield. Evidently the growth component (and the oil price component) of the Treasury yield outweighs the higher discount rate.

The correlation has been remarkably steady over the three year period. There are two brief exceptions, but of the sort that prove the rule: the first occurred when China devalued in the summer of 2015, and the second occurred when Trump was elected.