Thoughts From the Road: Southeast Asia

KKR

Henry McVey

Research

9 Pages

KKR reflects on recent meetings in Southeast Asia, highlighting strong 2025 equity performance, capital inflows, and demographic tailwinds. The report emphasizes reforms in Japan and Korea, rising intra-Asia trade, and consumption upgrades in developing Asia, all supported by a weaker U.S. dollar and ongoing Fed easing.

Key Takeaways

Market outperformance: YTD 2025, Korea equities rose 59%, China 38%, Japan 22%, outpacing the S&P 500.
Intra-Asia trade: Regional trade rose from 46% in 1990 to 58% in 2021, projected to reach 67% by 2029.
Consumption upgrade: Asia’s 822M millennials—six times Europe and the U.S. combined—drive demand for higher-quality goods and services.
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