UEDA, governor of the Bank of Japan, will hold a monetary policy press conference in 10 minutes; Swiss real retail sales YoY for June due in 10 minutes.

Japan PM Takaichi announced a plan to cut the food consumption tax from 8% to 1% from April next year for two years and to issue cash transfers to low- and middle-income households equal to the 1% tax amount. Cabinet approval is expected in early August. The measure would cost roughly 5 tln yen a year, leaving questions over financing and political pressure when the rate reverts after two years. Nikkei-cited private analysis estimates FY2027 CPI could be 1.0–1.4 percentage points lower if the cut is implemented. Market commentary notes firms may absorb much of the cut rather than fully pass it into lower prices, reducing consumer gain, and warns of a potential one-off price rebound when the tax returns to 8%.

Australia private-sector loans MoM +0.8% vs +0.6% est; prior +0.7%.