Asian stocks plunged on Thursday, with technology shares leading the decline following the Federal Reserve's projection of a slower pace of interest rate cuts in 2025. This outlook presents a more challenging environment for risk-sensitive markets. The spotlight now turns to the conclusion of a Bank of Japan meeting later in the day, with analysts divided on whether the bank will raise or maintain interest rates.
A Reuters report suggests policymakers lean towards a hold in December but are actively considering rate hikes due to Japan's economic resilience and recent inflation uptick. The BOJ has already raised rates twice in 2024, marking a historic departure from nearly a decade of ultra-loose monetary policy. Governor Kazuo Ueda has also indicated intentions for further rate increases. South Korea's KOSPI index tumbled 1.7%, with sentiment remaining fragile amid heightened political turmoil following President Yoon Suk Yeol's impeachment over an unsuccessful attempt to impose military rule. Samsung Electronics and SK Hynix, major technology companies, were significant drags on the KOSPI, shedding 3.8% and 2.7% respectively. These losses mirrored a 16% slump in U.S. counterpart Micron Technology Inc, as the chipmaker's quarterly revenue guidance fell short of expectations. This miss sparked concerns about the resilience of artificial intelligence demand, particularly in the face of growing global economic headwinds. Hong Kong and Shanghai composite indexes also experienced declines of 0.4% and 0.7% respectively. However, larger losses in Chinese stocks were partially offset by optimism surrounding Beijing's plans for increased fiscal spending in 2025. China's CSI 300 index suggested a mildly positive opening, offering some respite after three consecutive days of steep losses
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