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Investing.com-- Most Asian stock markets edged lower on Tuesday as investors digested fresh developments in U.S. diplomacy across the region and awaited a series of key central bank decisions later this week.
Major Wall Street indexes notched record highs overnight, led by tech sector gains. U.S. stock index futures were largely unchanged in Asia hours as of 02:42 GMT.
Trump meets Japan PM Takaichi; China talks ahead
U.S. President Donald Trump met Japan’s newly appointed Prime Minister Sanae Takaichi in Tokyo on Monday, where the two discussed defense cooperation, trade, and a $550 billion U.S. investment package announced earlier this year.
The package aims to bolster joint infrastructure, clean energy, and technology projects.
Japan’s Nikkei 225 fell 0.4% on Tuesday after surging more than 2% to a record high of 50,549.60 points in the previous session. The broader TOPIX index declined 0.6%.
Market sentiment was still underpinned by optimism over U.S.-China trade progress after negotiators in Kuala Lumpur finalized a draft framework to avert new tariffs.
The framework will be reviewed when Trump meets Chinese President Xi Jinping in South Korea later this week, where the two leaders are expected to finalize details of the deal reached in Malaysia.
Both China’s blue chip Shanghai Shenzhen CSI 300 and the Shanghai Composite were largely unchanged. Hong Kong’s Hang Seng index edged 0.3% lower.
South Korea’s KOSPI led losses for the day, slipping over 1%. Data on Tuesday showed the country’s third-quarter GDP beat expectations, marking its fastest pace of expansion in over a year.
Elsewhere, Australia’s S&P/ASX 200 200 fell 0.4%, while Singapore’s Straits Times Index rose 0.6% bucking the regional trend.
Futures for India’s Nifty 50 were little changed before market open.
Fed, BOJ rate decisions loom large
Traders now shift focus to a pivotal week for monetary policy. The U.S. Federal Reserve began its two-day meeting on Tuesday and is widely expected to deliver a 25-basis-point rate cut when it concludes on Wednesday.
Markets are pricing in the move as recent inflation data came in softer-than-expected, while weakness in the job markets also supports the central bank’s expected move.
The Bank of Japan will announce its policy decision on Wednesday, with economists expecting it to keep rates steady.
"We believe the division among board members remains, but it has not influenced a shift in the majority’s stance," ING analysts said in a recent note.