<p>TradingKey - 在周二的亚洲交易时段，日经 225 指数下跌 1.6%，收于 51,063.72 点，3 月份该指数暴跌 13.2%；KOSPI 指数下跌 4.3%，收于 5,052.46 点，3 月份下跌 19.1%。两者均创下自 2008 年 10 月以来的最大月度跌幅。区域市场的风险情绪显著恶化。</p>
<p>本轮亚太股市的深度修正主要受到地缘政治冲突升级和全球宏观环境收紧的双重影响。中东地区持续的波动性和能源价格的剧烈波动显著增加了市场的不确定性，导致避险情绪迅速上升，并引发风险资产的集中抛售。</p>
<p>与此同时，利率预期的变化也给市场带来了压力。</p>
<p>在通胀路径仍不明朗的背景下，市场对主要央行维持高利率甚至进一步收紧的预期波动不定。高估值资产明显承压，科技和出口导向行业首当其冲。由于半导体和周期性行业的权重较大，韩国市场对全球流动性的变化特别敏感，其下跌幅度显著高于区域平均水平。</p>
<p>从市场结构的角度来看，重量级股票的普遍疲软进一步加剧了指数的下跌。半导体领军企业和大型出口企业持续面临资本外流，加上对韩元的压力，形成了 “股票和货币双重抛售” 的负反馈循环，进一步削弱了外资的配置意愿。</p>
<p>此外，技术因素也不容忽视。</p>
<p>在之前的上涨之后，一些亚太市场的估值已达到相对高位。一旦出现外部冲击，投资者更倾向于迅速锁定利润并退出，放大了短期波动。本月 MSCI 亚太指数也出现显著下跌，反映出区域性系统性修正的特征。</p>
<p>市场分析表明，目前环境处于 “高不确定性和低风险偏好” 的典型阶段，短期趋势高度依赖宏观外部因素的发展。如果地缘政治冲突进一步升级或利率环境持续收紧，亚太股市仍可能面临下行压力；相反，一旦风险因素减弱，可能会出现技术性反弹。</p>
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南方日经225

1369

1584

<p>在三月份，日经 225 指数和 KOSPI 指数经历了自 2008 年 10 月以来最大的月度下跌，分别下跌了 13.2% 和 19.1%。这一下跌是由于地缘政治紧张局势加剧和全球宏观环境收紧所驱动，导致市场不确定性增加和风险资产抛售。高估值行业，特别是科技和出口领域，受到严重影响。对全球流动性变化敏感的韩国市场面临显著下跌，资本外流和货币压力加剧了这一情况。分析师建议，进一步的地缘政治升级或利率收紧可能会继续对亚太市场施加压力</p>

<p>TradingKey - During the Asian trading session on Tuesday, the Nikkei 225 Index closed down 1.6% at 51,063.72, with the index plunging 13.2% in March; the KOSPI Index closed down 4.3% at 5,052.46, falling 19.1% in March. Both recorded their largest monthly declines since October 2008. Risk sentiment in regional markets has deteriorated significantly.</p>
<div class="lb-trans"><p>TradingKey - 在周二的亚洲交易时段，日经 225 指数下跌 1.6%，收于 51,063.72 点，3 月份该指数暴跌 13.2%；KOSPI 指数下跌 4.3%，收于 5,052.46 点，3 月份下跌 19.1%。两者均创下自 2008 年 10 月以来的最大月度跌幅。区域市场的风险情绪显著恶化。</p>
</div><p>This round of deep correction in Asia-Pacific stock markets was primarily driven by the dual impact of escalating geopolitical conflicts and a tightening global macro environment. The ongoing volatility in the Middle East and sharp swings in energy prices have significantly increased market uncertainty, causing safe-haven sentiment to rise rapidly and leading to concentrated sell-offs in risky assets.</p>
<div class="lb-trans"><p>本轮亚太股市的深度修正主要受到地缘政治冲突升级和全球宏观环境收紧的双重影响。中东地区持续的波动性和能源价格的剧烈波动显著增加了市场的不确定性，导致避险情绪迅速上升，并引发风险资产的集中抛售。</p>
</div><p>At the same time, shifting interest rate expectations have also placed pressure on the market.</p>
<div class="lb-trans"><p>与此同时，利率预期的变化也给市场带来了压力。</p>
</div><p>Against a backdrop where the inflation path remains unclear, market expectations for major central banks to maintain high interest rates or even tighten further have fluctuated. High-valuation assets have come under clear pressure, with the technology and export-oriented sectors bearing the brunt. Due to its heavy weight in semiconductors and cyclical industries, the South Korean market is particularly sensitive to changes in global liquidity, and its decline was significantly higher than the regional average.</p>
<div class="lb-trans"><p>在通胀路径仍不明朗的背景下，市场对主要央行维持高利率甚至进一步收紧的预期波动不定。高估值资产明显承压，科技和出口导向行业首当其冲。由于半导体和周期性行业的权重较大，韩国市场对全球流动性的变化特别敏感，其下跌幅度显著高于区域平均水平。</p>
</div><p>From a market structure perspective, the widespread weakness in heavyweight stocks further amplified the index declines. Semiconductor leaders and large export enterprises continued to face capital outflows, which, coupled with pressure on the South Korean Won, formed a negative feedback loop of a &#34;twin sell-off in stocks and currency,&#34; further weakening foreign investors' appetite for allocation.</p>
<div class="lb-trans"><p>从市场结构的角度来看，重量级股票的普遍疲软进一步加剧了指数的下跌。半导体领军企业和大型出口企业持续面临资本外流，加上对韩元的压力，形成了 “股票和货币双重抛售” 的负反馈循环，进一步削弱了外资的配置意愿。</p>
</div><p>In addition, technical factors should not be ignored.</p>
<div class="lb-trans"><p>此外，技术因素也不容忽视。</p>
</div><p>Following previous gains, valuations in some Asia-Pacific markets had reached relatively high levels. Once external shocks emerged, investors were more inclined to quickly lock in profits and exit, amplifying short-term volatility. The MSCI Asia Pacific Index also recorded a significant decline this month, reflecting the characteristics of a regional systemic correction.</p>
<div class="lb-trans"><p>在之前的上涨之后，一些亚太市场的估值已达到相对高位。一旦出现外部冲击，投资者更倾向于迅速锁定利润并退出，放大了短期波动。本月 MSCI 亚太指数也出现显著下跌，反映出区域性系统性修正的特征。</p>
</div><p>Market analysis suggests that the current environment is in a typical phase of &#34;high uncertainty and low risk appetite,&#34; where short-term trends are highly dependent on developments in macro external factors. If geopolitical conflicts escalate further or the interest rate environment continues to tighten, Asia-Pacific stock markets may still face downward pressure; conversely, once risk factors subside, a technical rebound could occur.</p>
<div class="lb-trans"><p>市场分析表明，目前环境处于 “高不确定性和低风险偏好” 的典型阶段，短期趋势高度依赖宏观外部因素的发展。如果地缘政治冲突进一步升级或利率环境持续收紧，亚太股市仍可能面临下行压力；相反，一旦风险因素减弱，可能会出现技术性反弹。</p>
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</div>

Nikkei 225, Kospi Both Post Biggest Monthly Drops Since Financial Crisis in March

TradingKey

Asset Management One Co., Ltd.

Samsung Life Insurance Co., Ltd.

HSBC MSCI Korea Capped UCITS ETF

BlackRock, Inc.

南方两倍看空日经

Nomura Holdings, Inc.

Sumitomo Mitsui Trust Holdings, Inc.

Simplex Financial Holdings Co., Ltd.

韩国 MSCI ETF - iShares

Japan Agricultural Cooperatives Group

Daiwa Securities Group, Inc.

韩国 3 倍做多 ETF - Direxion

2 倍做空日圓 ETF - ProShares

日经 225 指数和韩国综合指数均录得自金融危机以来的最大单月跌幅