Bank of Japan Rate Decision Sends Asia Markets Tumbling

Asia-Pacific markets fell ahead of the Bank of Japan's rate decision, with the Nikkei 225 and Topix both experiencing losses. The Bank of Japan is expected to maintain its benchmark policy rate, but investors are watching for any changes in its yield curve control policy. In the US, all three major indexes declined, with the Dow Jones Industrial Average snapping its 13-day winning streak. The Japanese yen strengthened after reports that the Bank of Japan may allow long-term rates to rise beyond its current cap. Goldman Sachs identified Chinese stocks to buy following fiscal stimulus measures, while Morgan Stanley expressed caution on the global office spaces sector. Non-tech or growth funds have also performed well in the last five years, and several S&P 500 companies reached fresh highs. Communication services was the leading sector in the S&P 500, boosted by Meta and Comcast. Pending home sales in June beat expectations, and the US economy grew by 2.4% in the second quarter, surpassing expectations.