Asian Shares Mixed Ahead of Powell Speech, BOJ Signals Further Rate Hikes Possible

Asian markets displayed mixed results as investors awaited a speech from Federal Reserve Chair Jerome Powell, hoping for signals about future interest rate adjustments. Meanwhile, the Bank of Japan hinted at potential gradual rate increases, citing recent wage growth as a positive economic indicator. Global markets were impacted by economic data from the U.S., including an uptick in unemployment claims and uneven business activity, with growth in services but a decline in manufacturing. Despite recent slowing, the U.S. economy is grappling with high interest rates implemented to combat inflation. While the Federal Reserve`s aggressive interest rate hikes have brought rates to a 20-year high, the expectation is for a rate cut in September.