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Asian V-signs

Japanese industrial production suffered the most in last year's downturn, so it's not surprising that it has also rebounded the most this year, rising fully 27% from its Feb. '09 lows. This is an important sign of the strength of the global recovery, which this time around is helping pull the U.S. economy out of its slump (the U.S. is typically the engine of global recovery). Sending the same message of a strong global economic rebound, the Hang Seng equity index is up 89% from its March low and 49% year to date, and most Asian stock markets have turned in performances that handily beat the S&P 500's 25% return year to date.

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