<p>TradingKey - 在週二的亞洲交易時段，日經 225 指數下跌 1.6%，收於 51,063.72 點，3 月份該指數暴跌 13.2%；KOSPI 指數下跌 4.3%，收於 5,052.46 點，3 月份下跌 19.1%。兩者均創下自 2008 年 10 月以來的最大月度跌幅。區域市場的風險情緒顯著惡化。</p>
<p>本輪亞太股市的深度修正主要受到地緣政治衝突升級和全球宏觀環境收緊的雙重影響。中東地區持續的波動性和能源價格的劇烈波動顯著增加了市場的不確定性，導致避險情緒迅速上升，並引發風險資產的集中拋售。</p>
<p>與此同時，利率預期的變化也給市場帶來了壓力。</p>
<p>在通脹路徑仍不明朗的背景下，市場對主要央行維持高利率甚至進一步收緊的預期波動不定。高估值資產明顯承壓，科技和出口導向行業首當其衝。由於半導體和週期性行業的權重較大，韓國市場對全球流動性的變化特別敏感，其下跌幅度顯著高於區域平均水平。</p>
<p>從市場結構的角度來看，重量級股票的普遍疲軟進一步加劇了指數的下跌。半導體領軍企業和大型出口企業持續面臨資本外流，加上對韓元的壓力，形成了 “股票和貨幣雙重拋售” 的負反饋循環，進一步削弱了外資的配置意願。</p>
<p>此外，技術因素也不容忽視。</p>
<p>在之前的上漲之後，一些亞太市場的估值已達到相對高位。一旦出現外部衝擊，投資者更傾向於迅速鎖定利潤並退出，放大了短期波動。本月 MSCI 亞太指數也出現顯著下跌，反映出區域性系統性修正的特徵。</p>
<p>市場分析表明，目前環境處於 “高不確定性和低風險偏好” 的典型階段，短期趨勢高度依賴宏觀外部因素的發展。如果地緣政治衝突進一步升級或利率環境持續收緊，亞太股市仍可能面臨下行壓力；相反，一旦風險因素減弱，可能會出現技術性反彈。</p>
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南方日經225

1369

1584

<p>在三月份，日經 225 指數和 KOSPI 指數經歷了自 2008 年 10 月以來最大的月度下跌，分別下跌了 13.2% 和 19.1%。這一下跌是由於地緣政治緊張局勢加劇和全球宏觀環境收緊所驅動，導致市場不確定性增加和風險資產拋售。高估值行業，特別是科技和出口領域，受到嚴重影響。對全球流動性變化敏感的韓國市場面臨顯著下跌，資本外流和貨幣壓力加劇了這一情況。分析師建議，進一步的地緣政治升級或利率收緊可能會繼續對亞太市場施加壓力</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 - 在週二的亞洲交易時段，日經 225 指數下跌 1.6%，收於 51,063.72 點，3 月份該指數暴跌 13.2%；KOSPI 指數下跌 4.3%，收於 5,052.46 點，3 月份下跌 19.1%。兩者均創下自 2008 年 10 月以來的最大月度跌幅。區域市場的風險情緒顯著惡化。</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>本輪亞太股市的深度修正主要受到地緣政治衝突升級和全球宏觀環境收緊的雙重影響。中東地區持續的波動性和能源價格的劇烈波動顯著增加了市場的不確定性，導致避險情緒迅速上升，並引發風險資產的集中拋售。</p>
</div><p>At the same time, shifting interest rate expectations have also placed pressure on the market.</p>
<div class="lb-trans"><p>與此同時，利率預期的變化也給市場帶來了壓力。</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>在通脹路徑仍不明朗的背景下，市場對主要央行維持高利率甚至進一步收緊的預期波動不定。高估值資產明顯承壓，科技和出口導向行業首當其衝。由於半導體和週期性行業的權重較大，韓國市場對全球流動性的變化特別敏感，其下跌幅度顯著高於區域平均水平。</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>從市場結構的角度來看，重量級股票的普遍疲軟進一步加劇了指數的下跌。半導體領軍企業和大型出口企業持續面臨資本外流，加上對韓元的壓力，形成了 “股票和貨幣雙重拋售” 的負反饋循環，進一步削弱了外資的配置意願。</p>
</div><p>In addition, technical factors should not be ignored.</p>
<div class="lb-trans"><p>此外，技術因素也不容忽視。</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>在之前的上漲之後，一些亞太市場的估值已達到相對高位。一旦出現外部衝擊，投資者更傾向於迅速鎖定利潤並退出，放大了短期波動。本月 MSCI 亞太指數也出現顯著下跌，反映出區域性系統性修正的特徵。</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>市場分析表明，目前環境處於 “高不確定性和低風險偏好” 的典型階段，短期趨勢高度依賴宏觀外部因素的發展。如果地緣政治衝突進一步升級或利率環境持續收緊，亞太股市仍可能面臨下行壓力；相反，一旦風險因素減弱，可能會出現技術性反彈。</p>
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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.

南方兩倍看空日經

Nomura Holdings, Inc.

Sumitomo Mitsui Trust Holdings, Inc.

Simplex Financial Holdings Co., Ltd.

韓國 MSCI ETF - iShares

Japan Agricultural Cooperatives Group

Daiwa Securities Group, Inc.

韓國 3 倍做多 ETF - Direxion

2 倍做空日元 ETF - ProShares

日經 225 指數和韓國綜合指數均錄得自金融危機以來的最大單月跌幅