Harvesting Asia income in a reflationary environment

Well times are at last changing. After years of ultra-low rates, to date the US Federal Reserve has hiked interest rates three times since December 2015, with more expected to follow this year. Inflation meanwhile is close to the 2% level in many countries, with even Japan seemingly moving out of deflation. But what are the implications for income investors? In an environment of rising interest rates globally, both traditional bonds and bond-like equities – so-called ‘bond proxies…