What’s Good for U.S.-China-Japan Leaves Emerging Markets Losers

What’s Good for U.S.-China-Japan Leaves Emerging Markets Losers

Tomohiro Ohsumi/Bloomberg

People hold umbrellas as they sit on a bench in the Bund area of Shanghai. China is in transition as its policy makers seek to rein in financial speculation and real-estate prices, signaling tolerance of a weaker expansion.