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Japan’s Nikkei Drops as Markets Await Key U.S. Inflation Data 
Asian equities mostly drifted lower on Thursday as traders weighed a fragile Israel-Iran ceasefire against the fast-approaching July 9 U.S. tariff deadline. Profit-taking and caution overshadowed Wall Street’s recent strength, even as tech optimism lifted Japanese stocks.
South Korea’s KOSPI led regional losses, tumbling 2.2% after a sharp month-long advance of nearly 13%. The pullback came as investors locked in gains near a four-year high. Mainland Chinese markets also softened: the Shanghai Composite dipped 0.1% and the CSI 300 shed 0.2%. Hong Kong’s Hang Seng slid 0.5%, while Australia’s ASX 200 slipped 0.2%. Singapore’s Straits Times Index was little changed, and futures tracking India’s Nifty 50 held flat.
Risk appetite remained subdued despite a tentative truce between Israel and Iran, brokered by U.S. President Donald Trump, that helped ease supply-chain fears. Market focus has now shifted to potential retaliatory tariffs if trade talks fail to progress before the deadline, a scenario that could sap Asia’s export momentum.
Adding to uncertainty, Federal Reserve Chair Jerome Powell told Congress that rate cuts will wait until officials see how tariffs affect inflation, warning that levies could drive prices higher than a simple one-off increase. His remarks reinforced a cautious tone across global markets, leaving U.S. stock-index futures flat during Asian hours.
Japan bucked the region’s downturn. The Nikkei 225 jumped 1% to a four-month peak as chip-related heavyweights tracked Nvidia’s overnight record close. Advantest climbed 3%, Tokyo Electron gained 2.6%, and SoftBank Group rallied 4.2%, pushing the broader TOPIX up 0.3%. Japan’s chief trade negotiator Ryosei Akazawa vowed to keep negotiating with Washington, stressing that Tokyo will not accept a 25% tariff on autos.
