As Asia investors lick their wounds after a chaotic 2015, another realm provided even bigger disappointments: the region's democratic principles.

From Prime Minister Shinzo Abe's end run around Japan's Constitution to President Park Geun-hye mucking with South Korean history to President Joko Widodo's reluctance to stare down Indonesia's military to Hong Kong ignoring student protesters to Thailand's junta tightening its grip to just about everything Malaysia's Najib Razak did, it was a dismal 12 months for representative government by the people, for the people.

There were bright spots, of course. Many a tear was shed seeing Aung San Suu Kyi's National League for Democracy win power in credible Myanmar elections. And by recalling the hapless Tony Abbott and naming a new prime minister, Australians reminded us how healthy democratic institutions make leaders accountable. The Philippines also demonstrates how clean government can raise living standards.