Followers of Asian and so-called emerging market stocks must be wondering about the relevance of factors which in theory are supposed to drive those markets, and the currencies in which they are denominated. Volumes have recently been written about the supposed vulnerability of that asset class which continue, despite any lack of logic or cohesion, to be described as “emerging markets”. This encompasses everywhere from Korea to Pakistan, Taiwan to Colombia – but as yet excluding Vietnam and Argentina which remain in the “Frontier” category despite market capitalization and turnover which are well ahead of Manila. Indeed, Vietnam’s turnover has now surpassed Malaysia, in the 1990s the darling of western institutions.