Asia's stock markets have been on the upswing. There isn't a clear answer. The talk in Southeast Asia is about falling growth rates. In that scenario, bonds fare better than equities. But currencies have been falling as well, which tend to generate inflation.
Equities tend to do better in an inflationary environment.
The worst thing that could happen as far as a bond investor is concerned is a falling currency and rising interest rates. Both have already happened. We would be seriously concerned about hyperinflation in Indonesia. But Hong Kong is making every effort to ensure the peg to the U.S. dollar stays through high interest rates. High interest rates and the slowing economy are going to put downward pressure on inflation in Korea.