(The opinions expressed here are those of the author, a columnist for Reuters.) By Manishi Raychaudhuri

HONG KONG, Dec 5 - Asia's stock markets are finally fighting back. The region's flagship index has jumped more than 25% this year, outpacing the S&P 500's roughly 16% gain, as a wave of governance reforms and fresh domestic money has started to chip away at a decade-long valuation gap with the U.S. Asian equities still trade at very low valuations relative to the U.S., however, meaning there could be room to run. But that may require the region's governments to tackle some politically challenging reforms. Much of the recent ascent of North Asian equities reflects a so-called 're-rating'. The MSCI Asia ex Japan index's price-to-book (PB) multiple has climbed from 1.8 in early 2025 to 2.1

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