Japan is expected to be the best performing market in the coming 12 months according to 40% of the largest fund management groups in Europe. Outside Japan, Asia is now only tipped as a top performer by 23% of funds, down from 42% last month.

The results are contained in the latest monthly survey from Morningstar, the US fund rating agency which showed that sentiment towards the UK was rising and seen as the worst performer by only 29% against 42% last month. Around 34% see the US as the worst performer.