This page shows the valuation of Asia ex-Japan equities relative to developed market (DM) equities. The left chart shows the relative valuation based on the price-to-earnings (P/E) multiple. The right chart shows the relative valuation based on the price-to-book (P/B) multiple. Both metrics suggest that Asian equities continue to trade at a discount relative to DM equities, as well as also on a historical basis.