Japan's Nikkei 225 climbed to a record high, extending gains to 4%.

State Street APAC economist Krishna Bhimavarapu said stronger economic resilience and rising inflation suggest several central banks may be entering a synchronized tightening cycle. He said the Bank of Japan appears ready to lift its policy rate toward the psychological 1.0% mark and could signal a second hike this year. The Reserve Bank of Australia looks likely to pause as growth and labour‑market momentum weaken, but persistent inflation leaves scope for at least one more move later in the year. Bhimavarapu expects the Federal Reserve to shift toward a more hawkish stance by the end of this week.

BIMCO says sea-mine threat in the Strait of Hormuz remains a navigational concern.