(Bloomberg) -- US stocks are an oasis of calm compared to those in Asia Pacific despite the approach of the Nov. 5 election, as investor nerves over Chinese stimulus and Japan’s own national vote whipsaw share prices across the region.

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Realized 60-day volatility for the S&P 500 Index is six points lower than that of the MSCI Asia Pacific Index, marking the biggest gap since 2017, according to data compiled by Bloomberg.

The recent volatility of Asian stocks “has a lot to do with China’s wild gyrations driven by stimulus euphoria and also Japanese equities’ fluctuations related to the yen carry trade,” said Homin Lee, a senior macro strategist at Lombard Odier.

Meaningful inflows into Asian stock markets will probably require more clarity on fiscal stimulus in China, Japan’s general election this weekend and the direction of the US dollar, he said.

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