A FESTIVE mood continues to overwhelm the emerging markets, especially in Asia. Stock prices in the region keep climbing. The MSCI Asia Pacific Index, for one, set a new record at 194.23 on December 11. Many currencies of Asian developing economies also reached their highest points since 2018.

The much higher yield for investing in Asia compared to America or Europe is indeed tantalizing. The appearance of a Covid-19 vaccine has convinced i