Philips shares resumed trading and are down 7.4%.

Asahi and Nikkei report Prime Minister Takaichi may ask officials as soon as Thursday to launch a consumption-tax cut for food and beverages, lowering the rate to 1% within two years; a proposal could be announced this week. Markets worry that a more expansionary fiscal stance, together with elevated oil prices, raises inflation risk. The key market question is how added spending and tax cuts would be financed and whether they would increase government bond issuance. SMBC Nikko Securities senior FX and rates strategist Rinto Maruyama said the plan could raise the fiscal-risk premium embedded in Japanese assets, which would be negative for the yen and likely push JGB yields higher—especially at the long and ultra-long end—causing bear-steepening of the curve.

BlackRock: Meta will receive approximately $1 billion in a one-time allocation.