Valuations of Asian equities dropped to a 21-month low at the end of January, as expectations of aggressive policy tightening by the Federal Reserve, and a surge in U.S. bond yields hit the regional stocks. The MSCI Asia-Pacific index’s forward 12-month P/E ratio stood at 13.49 at the end of last month, which was its lowest since April 2020, Refinitiv data showed. That compares with the MSCI World index’s P/E ratio of 17.24. Last month, a rise in U.S. yields prompted money outflows from the region, which led to big declines in regional shares. The MSCI Asia-Pacific index shed 4.4 percent in January, its worst start to a year in six years. China’s Shanghai Composite Index declined 7.6 percent last month, which pulled down its forward P/E ratio to 10.18, the lowest in Asia. Shares of tech companies in South Korea and Taiwan also faced big losses due to a …