over 115% it is very overvalued. On this basis, two markets in Asia-ex Japan stand out as being in very overvalued territory: Taiwan and Malaysia. Malaysia Market Ca prGDP Ratio 10.00 190% r 0 9.000 licos 9.000 160% 130% 5.000 110% 60,‘ 5.000 sox 50% 4 000 "% 111¢ 111;111¢ I 1 1111111111111111