Asian Stocks Fall as US Tech Weighs, Yen Surges – Asia Market Wrap

Asia’s equities fell as investors began to draw back from the artificial-intelligence craze that has propelled the bull market this year. The yen climbed for the fourth consecutive day ahead of next week’s Bank of Japan meeting.

The MSCI Asia Pacific Index fell 1.6%, the biggest in almost two months, as Japan’s Nikkei 225 Stock Average entered a technical correction. South Korea’s benchmark fell over 2%, with chipmaker SK Hynix dropping as high as 8.9% despite an earnings beat. In the United States, the S&P 500 fell 2.3%, its worst performance since December 2022.

For the second consecutive day, the yen rose 1% against the dollar. The Japanese yen is trading at its highest levels against the US dollar since May, as traders prepare for the BoJ’s probable policy rate hike.