The relative returns for Japanese and U. K. equities reach between 2% and 3% on average following the first interest-rate raise in a hiking cycle by the Federal Reserve.
Source: [MarketWatch](https://www.marketwatch.com/story/u-s-stocks-usually-stumble-after-fed-hikes-but-these-markets-tend-to-climb-says-citi-f031ca37?mod=mw_rss_topstories)