There’s a shift underway in Asia that’s reverberating through global financial markets.

Japan’s stock market, overlooked by investors for decades, is making a furious comeback. The benchmark Nikkei 225 index is edging closer to the record it set Dec. 29, 1989, which effectively marked the peak of Japan’s economic ascendancy before a collapse that led to decades of low growth.

China, long an impossible-to-ignore market, has been spiraling downward. Stocks in China recently touched lows not seen since a rout in 2015, and Hong Kong’s Hang Seng Index was the worst performing major market in the world last year. Stocks stemmed their slide only when Beijing recently signaled its intention to intervene but remain far below previous highs.