On the left, we see that in the depths of the COVID-19 pandemic, APAC ex-Japan dividend forecasts collapsed along with earnings expectations. Regulatory changes also prevented some companies from paying or increasing dividends during this time. However, the V-shaped recovery in many economies has led to a sharp increase in dividend forecasts. A breakdown of dividend yields by region in the right chart also shows that APAC ex-Japan has the highest number of high-yielding dividend (more than 3%) companies.