South Korea's KOSPI opened sharply lower, down 5.00%; Samsung Electronics fell 6.7% and SK Hynix fell 7.4%.

HSBC Asia FX research head Joey Chew said renewed yen weakness could prompt a hawkish Bank of Japan hike at the September meeting to shore up the currency. Markets price roughly 80bp of BOJ tightening over the next 12 months to about a 1.8% policy rate; HSBC's economics team now expects two further hikes—in September and Q1 2027—taking the policy rate to 1.5% (up from a prior view of a single December hike). Chew said a sustained yen recovery depends on more attractive real rates, easing fiscal concerns and Japanese residents shifting assets from overseas into domestic markets.

歐洲央行首席經濟學家連恩：預計今年剩餘時間通脹率將徘徊在3%左右。