Decoupling narrative on Asian equities and its DeFi implications

Been watching the $AAXJ move today, currently at 116.32, up a bit. It’s interesting how resilient Asian equities seem to be holding up despite the broader uncertainty we’re seeing, particularly around rate expectations out of the Fed. There's a nascent narrative forming about a potential decoupling, or at least a significant divergence, between certain ex-Japan Asian markets and the US/European ones, especially if the global growth picture continues to soften.

For DeFi, this indirectly brings up questions about stablecoin demand and the underlying assets supporting various protocols. If we do see a sustained shift of capital flows towards regions with perceived better growth prospects or more stable monetary policy, how does that impact dollar-denominated DeFi yields? It's not a direct correlation, but it's another layer to consider when assessing systemic risk and the stability of liquidity pools that might be more exposed to a particular currency or economic sentiment.