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Asian stocks slip as tech drags, yen near 3-month low before BOJ decision

Asian stocks moved on Thursday as chipsector stocks tracked overnight declines by Wall Street peers and Facebook owner Meta Platforms alerted of speeding up costs for expert system.

More megacap tech earnings are due later on in the day from Apple and Amazon.

The yen hovered near to a three-month low versus the dollar, weighed down by political instability after a drubbing for Japan's ruling union in parliamentary elections last weekend, which might delay a normalisation of monetary policy.

The Bank of Japan will announce a rate decision on Thursday, without any change extensively expected.

More broadly, the dollar was on the back foot after extending its retreat from near a three-month peak to significant peers on Wednesday. Traders were looking ahead warily to a. pivotal week that consists of regular monthly U.S. non-farm payrolls on. Friday, the presidential election next Tuesday and a Federal. Reserve policy choice next Thursday. Gold extended its record. high.

Japan's Nikkei share average fell 0.5% as of 0155. GMT. South Korea's Kospi dropped 1.3%.

North Korea stirred local stress by test firing what a. U.S. official said was a global ballistic missile. into the sea off the reclusive nation's east coast on Thursday.

Hong Kong's Hang Seng added 0.2%, but mainland. Chinese blue chips slipped 0.7%. Investors are. awaiting more clearness on stimulus from Beijing next week, when. officials convene a week-long congress.

Taiwanese markets were shuttered due to a tropical cyclone.

Nasdaq futures pointed 0.45% lower after the cash. index declined 0.56% over night. The Philadelphia SE. semiconductor index plunged 3.35%, with Advanced Micro. Gadgets tumbling more than 10% following dour forecasts.

The U.S. dollar index was stable at 104.15 following. its pullback from the highest considering that Aug. 2 at 104.63 reached on. Tuesday.

The dollar edged up 0.05% to 153.48 yen staying. near to today's high of 153.885 yen, a level previously not. seen considering that July 31.

There is no set time for the BOJ's policy statement, however. it is anticipated some time after 0230 GMT. BOJ Guv Kazuo Ueda. stated while in Washington last week that the central bank could. pay for the time to scrutinise threats to the economy in deciding. when to raise rates again.

Japan's messy political circumstance is an advantage for currency. speculators, said Shoki Omori, primary Japan desk strategist at. Mizuho Securities. But for one of the most part, the ball is on the. dollar side, he stated.

If the U.S. sees more combined data, we might see higher. volatility in the set, Omori said. Non-farm payrolls is going. to alter the picture if it comes out totally various from. agreement.

The personal intake expenses index, the Fed's. chosen procedure of inflation, is likewise due in the future Thursday.

Meanwhile, in the final stretch of the U.S. governmental. contest, opinion surveys still put Republican Donald Trump and. Democrat Kamala Harris neck-and-neck, although financial markets. and some wagering platforms have been leaning toward a Trump. victory.

Gold reached a fresh all-time high of $2,790.15 per. ounce.

Oil costs extended a rally from Wednesday, driven by. optimism over U.S. fuel need following an unanticipated drop in. crude and gasoline inventories.

Brent unrefined futures got 0.5% to $72.90 a barrel. and U.S. West Texas Intermediate unrefined futures climbed up. 0.5% to $68.93 per barrel. Both contracts rose more than 2% in. the previous session.

(source: Reuters)