Asian markets fell on Friday following a steep sell-off on Wall Street, triggered by the latest round of tariffs announced by Donald Trump, which dealt a fresh blow to the global economy on a scale not seen since the onset of the COVID-19 crisis. Futures for U.S. equities and oil prices also moved lower. Trump tariffs ignite global backlash, shake markets, trade alliances Japan’s Nikkei 225 dropped 2.6% to 33,818.18, while South Korea’s Kospi declined 0.8% to 2,467.14, as both nations moved toward talks with Trump’s administration to negotiate tariff reductions. Australia’s S&P/ASX 200 retreated 1.9% to 7,713.60. Chinese markets remained closed due to a public holiday. Trump introduced a base tariff of 10% on imports, with significantly higher rates imposed on goods from certain nations, including China and EU member states. UBS analysts estimated that the full scope of these tariffs—comparable to levels not seen in nearly a century—could slash U.S. economic growth by two percentage points this year and push inflation toward 5%. Such a dramatic economic impact makes the likelihood of the tariffs being sustained seem “low,” according to Bhanu Baweja and other strategists at UBS. Trump previously acknowledged tariffs might cause “a little disturbance” in the economy and financial markets, and on Thursday, he again downplayed their effects as he departed for Florida from the White House. “The markets are going to boom, the stock is going to boom, and the country is going to boom,” he asserted. On Thursday, the S&P 500 plunged 4.8% to 5,396.52—its worst single-day performance since the pandemic-induced crash of 2020. The Dow Jones Industrial Average slid 4% to 40,545.93, and the Nasdaq composite sank 6% to 16,550.61. Markets across the board were hit by fears of a damaging combination of slowing economic growth and rising inflation driven by the tariffs. From crude oil to Big Tech stocks and even the U.S. dollar, prices fell. Gold, which had recently reached record highs as a safe haven, also edged lower. Smaller U.S. firms were especially affected, with the Russell 2000 index diving 6.6%, pushing it more than 20% below its all-time high. While investors were bracing for sweeping tariffs, Trump’s announcement still delivered what Mary Ann Bartels, CIO at Sanctuary Wealth, called “the worst case scenario.” For some time, Wall Street had assumed Trump would use tariffs mainly as leverage in trade negotiations, rather than implement them as permanent policy. But his remarks on reshoring manufacturing jobs suggest a more ideological commitment, rather than a tactical manoeuvre. Achieving such a shift could take years. If the tariffs are fully implemented, stock values may need to fall significantly more than the current 10% from their peak to factor in a potential recession and the decline in corporate earnings that could result. As of now, the S&P 500 is down 11.8% from its February record. “Markets may still be underestimating the full impact, especially if these rates turn out to be final,” said Sean Sun, a portfolio manager at Thornburg Investment Management, though he suggested the announcement might still represent an opening move. Trump's Tariff Hike: How will it affect Bangladesh? When asked about the market reaction as he headed to his Florida golf club, Trump remained optimistic. “I think it’s going very well,” he said. “We’re conducting a sort of economic surgery, like a major operation. This is exactly how I said it would go.” One variable in the situation is the Federal Reserve, which could lower interest rates to stimulate the economy. The Fed had been cutting rates late last year but paused in 2025. Lower rates can help businesses and consumers by making borrowing cheaper. Treasury yields plunged amid growing expectations of rate cuts and broader concerns about the U.S. economy. The 10-year Treasury yield fell sharply to 4.04% from 4.20% on Wednesday, down from around 4.80% in January—a significant move in the bond market. However, the Fed’s flexibility may be limited. While lower rates can spur economic activity, they can also drive inflation higher—something tariffs are already intensifying. American consumers are bracing for higher costs across the board. Despite the turmoil, recent data shows the U.S. economy is still expanding. A report released Thursday revealed a decline in jobless claims, surprising economists who had expected a rise in unemployment. A strong labour market has been key in preventing a recession so far. Another report showed growth in the U.S. services sector—encompassing transportation, finance, and other areas—though the pace was slower than forecast, and business sentiment was mixed. Worries over slowing economic momentum and stubborn inflation drove declines in a wide array of stocks, with four out of five S&P 500 companies finishing lower. Best Buy fell 17.8%, hurt by concerns over its global supply chain. United Airlines dropped 15.6%, as fears over the economy may reduce both business and leisure travel. Target declined 10.9%, amid worries that consumers already grappling with inflation might cut back further. In early Friday trading, the U.S. dollar strengthened slightly to 146.05 yen from 145.93 yen. The euro also edged up, rising to $1.1068 from $1.1052.

Asian markets declined on Tuesday after a sharp drop in U.S. stocks, driven by concerns over the economic impact of President Donald Trump’s latest round of tariffs, reports AP. A 25% tariff on imports from Canada and Mexico took effect early Tuesday, while an additional 10% tariff was imposed on Chinese goods. In response, Beijing signalled through state media that it was considering retaliatory measures, potentially targeting U.S. agricultural exports such as soybeans. Women Entrepreneurs organize 3-day trade fair at Gulshan Shooting Club Japan’s Nikkei 225 fell 1.9% to 37,084.83, while Hong Kong’s Hang Seng index dropped 1.6% to 22,666.68. China’s Shanghai Composite slipped 0.2% to 3,310.35. In South Korea, the Kospi saw a slight gain of less than 0.1% to 2,533.77, while Taiwan’s Taiex declined 0.9%. Most Southeast Asian markets also registered losses. On Monday, the S&P 500 fell 1.8% to 5,849.72 after Trump declared there was “no room left” for negotiations to lower the tariffs, which he had previously delayed for further discussions. The Dow Jones Industrial Average declined 1.5% to 43,191.24, while the Nasdaq composite dropped 2.6% to 18,350.19. Wall Street had hoped for a less severe trade stance, and Trump’s decision came amid growing concerns about the U.S. economy. Monday’s losses trimmed the S&P 500’s post-Election Day gains to just over 1%, down from a peak of more than 6%, as the initial optimism surrounding Trump’s economic policies faded. After the S&P 500 reached a record high last month, driven by stronger-than-expected corporate earnings, sentiment turned negative following weaker economic reports. Recent data showed declining consumer confidence in the face of inflation concerns linked to tariffs. Another economic report on Monday revealed that while U.S. manufacturing activity continued to expand, it did so at a slower pace than expected. More worryingly, new orders contracted while prices rose, sparking concerns over who would bear the costs of Trump’s tariffs. Kroger Chairman and CEO resigns following investigation into personal conduct Following the report, the yield on the 10-year Treasury note fell to 4.16% from 4.24%, continuing its decline from January’s high of nearly 4.80%, reflecting fears of an economic slowdown. Tech stocks, particularly Nvidia and other high-growth companies, bore the brunt of the market downturn. Nvidia plunged 8.8%, while Tesla lost 2.8%. Elsewhere, grocery giant Kroger fell 3% after CEO Rodney McMullen resigned following an internal investigation into his personal conduct. Cryptocurrency-linked stocks also retreated despite an initial rally spurred by Trump’s announcement over the weekend about a strategic crypto reserve. MicroStrategy, which has been investing heavily in bitcoin, ended 1.8% lower, while Coinbase dropped 4.6%. In Europe, markets surged on Monday following a report indicating a slowdown in inflation for February, boosting expectations of an interest rate cut from the European Central Bank later in the week. Germany’s DAX climbed 2.6%, and France’s CAC 40 rose 1.1%. Despite Trump’s “America First” stance, international markets have outperformed the S&P 500 this year. In early Tuesday trading, U.S. benchmark crude oil declined 30 cents to $68.07 per barrel, while Brent crude dropped 51 cents to $71.11 per barrel. The U.S. dollar weakened to 149.29 Japanese yen from 149.50 yen, while the euro edged down to $1.0484 from $1.0488. Bitcoin tumbled 10.3% to $83,750, according to CoinDesk.

Asian stocks mostly saw gains on Tuesday, bolstered by a strong rally in Chinese tech stocks following a meeting between Chinese President Xi Jinping and entrepreneurs, which is being interpreted as a show of support for the tech sector, reports AP. In Hong Kong, the Hang Seng climbed by 1.64% to 22,986.88, while the Shanghai Composite rose by 0.15% to 3,360.95. Japan’s Nikkei 225 increased by 0.39% to 39,296.11, following Japan’s economic growth surpassing forecasts for the fourth quarter. However, Australia’s S&P/ASX 200 dipped by 0.53% to 8,491.70, and South Korea’s Kospi gained 0.43% to 2,621.73. Fixing Germany's economy is a critical task for the country's next government Chinese tech stocks saw a significant boost on Tuesday. Alibaba, an e-commerce giant, and Xiaomi, a smartphone manufacturer, both saw their share prices increase by more than 4%. Similarly, Tencent, a video game company, and Meituan, an online services provider, also experienced gains. President Xi Jinping’s meeting with key entrepreneurs, including Alibaba’s Jack Ma, is viewed as a gesture of reassurance and stability following the previous crackdown on the technology sector in China. “The symbolism of Xi’s rare meeting with tech leaders is clear. This isn’t just another policy gathering; it’s a deliberate move reflecting Beijing’s growing concerns about economic momentum and its role in the global tech race,” said Stephen Innes, managing partner at SPI Asset Management. “For investors, the message is unmistakable: China’s leadership is once again backing the tech industry. Whether this leads to long-term policy changes or is simply a short-term confidence boost remains uncertain,” he added. All eyes are now on whether Chinese and Hong Kong stock markets will maintain their positive momentum, with Chinese stocks outperforming those of Japan, the U.S., and India this year. A report from BofA Securities highlighted key factors driving China’s stock market, including an unexpectedly improved U.S.-China relationship, with Trump imposing only a 10% tariff increase so far, and the rise of DeepSeek as a competitor to leading U.S. artificial intelligence models. Meanwhile, global markets are closely watching the potential impact of tariffs announced by Trump. However, analysts believe he may ultimately avoid triggering a global trade war. Trump’s most recent tariff measure will not take effect for several weeks, allowing time for negotiations with Washington. US plans to cut Iran’s oil exports by over 90% in renewed pressure campaign In energy trading, U.S. crude oil gained 54 cents to $71.25 a barrel, while Brent crude rose by two cents to $75.24 per barrel. In currency trading, the U.S. dollar strengthened against the Japanese yen, rising to 151.91 yen from 151.51 yen. The euro traded at $1.0465, down from $1.0484.

Asian stocks gained on Wednesday in subdued Lunar New Year trading, following a recovery on Wall Street driven by tech stocks, as concerns over Chinese AI company DeepSeek dissipated, reports AP. Most Asian markets were closed for the holiday. Investors were turning their attention to the Federal Reserve’s upcoming interest rate decision. U.S. futures showed little movement, and oil prices declined. Tech stocks slide as Chinese rival threatens AI industry; Nvidia falls 17%  In Tokyo, the Nikkei 225 index rebounded from Tuesday’s losses, rising 1% to 39,414.78. Australia’s S&P/ASX 200 climbed 0.6% to 8,447.00, following data from the Australian Bureau of Statistics that revealed a 0.2% rise in the Consumer Price Index for the December 2024 quarter, the smallest increase since the June 2020 quarter during the COVID-19 downturn. India's Sensex gained 0.7%, while Thailand’s SET index dropped 0.2%. On Tuesday, tech stocks bounced back after suffering a drop on Monday due to doubts about the sustainability of the AI investment boom. The S&P 500 increased by 0.9% to 6,067.70, recovering more than half of its earlier losses. The Dow Jones Industrial Average added 0.3% to 44,850.35, and the Nasdaq composite surged 2% to 19,733.59 after falling 3.1% the previous day. The focus remained on Nvidia, whose chips are central to the AI boom. The stock rose 8.8% after a nearly 17% drop on Monday, its worst plunge since the 2020 COVID crash. Other AI-related companies also saw steadier performance, including Broadcom, which rose 2.6%. Constellation Energy gained 1.4% after a sharp 21% drop on Monday. The company had earlier surged due to expectations it would supply electricity to the growing AI data center industry. Asian shares gain after S&P 500 climbs to a record and Bank of Japan raises rate These revenue prospects were threatened when DeepSeek, a Chinese firm, claimed to have developed a large language model that can compete with U.S. rivals at a much lower cost. This raised doubts about the future demand for AI chips and electricity. AI-related stocks had been Wall Street’s biggest performers in recent years, driven by the belief that AI spending would continue to rise. However, concerns have emerged that stock prices may have risen too quickly. The impact of DeepSeek’s development on the AI industry remains unclear. While it could reduce growth in demand for data centers, electricity, and chips, it may stimulate growth in other sectors. Later this week, major companies such as Apple, Meta Platforms, Microsoft, and Tesla are expected to report their earnings. A U.S. report showing weaker-than-expected consumer confidence had minimal impact on the bond market. The key event of the day was the Federal Reserve’s interest rate decision, which is expected to leave the federal funds rate unchanged. If this holds, it would mark the first meeting since September without a rate cut aimed at stimulating the economy. On Wednesday, U.S. benchmark crude oil fell by 8 cents to $73.69 per barrel. Brent crude, the international standard, lost 12 cents, to $76.37 per barrel. In currency markets, the U.S. dollar dropped to 155.21 Japanese yen from 155.53 yen. The euro was valued at $1.0437, up from $1.0432.

Asian stock markets rebounded Wednesday after Wall Street stabilized following declines for bank stocks and U.S. inflation eased but stayed high. Shanghai, Tokyo, Hong Kong and Sydney advanced. Oil prices rose more than $1 per barrel, recovering some of the previous day's losses. Wall Street's benchmark S&P 500 index rose Tuesday as bank stocks recovered some of their losses caused by worries customers might pull out deposits following the collapse of two U.S. lenders. Stocks rose despite data showing prices rose 6% over a year ago in February, decelerating from the previous month's 6.4% but above the Federal Reserve's 2% target. Also Read: Asian shares mostly sink on jitters after US bank failure “The anchoring of less hawkish expectations provided some catalyst for risk sentiments to recover,” said Yeap Jun Rong of IG in a report. “There were also no new negative headlines of another bank or funds in trouble, which allows investors’ sentiments to settle down.” Investors had worried the Fed might respond to enduring upward pressure on prices by speeding up the pace of interest rate increases to dampen economic activity and inflation. But those jitters were overshadowed by anxiety about the U.S. financial system following the collapse of Silicon Valley Bank on Friday and Signature Bank on Sunday. President Joe Biden and regulators tried to assure the public risks were contained and deposits in other banks were safe. Tuesday's data showed core inflation, with volatile energy and food prices stripped out to show a clearer trend, was 0.5% in February over the previous month, edging up from January's 0.4% gain. The Fed pays close attention to core inflation in making monetary policy. The Fed faces a dilemma over how to respond when banks already are under strain after the fastest pace of rate hikes in a decade knocked down prices of their assets. The Shanghai Composite Index rose 0.7% to 3,267.15 after Chinese economic activity improved in January and February but less than expected after anti-virus controls ended. Retail sales rose 3.5% over a year earlier, rebounding from December's 1.% contraction. Factory output rose 2.4%, up from 1.3%. The Nikkei 225 in Tokyo advanced 0.1% to 27,258.01 after major Japanese companies announced they had agreed with unions to the biggest wage increases in almost two decades. Low wages are seen as a major drag on economic growth in Japan, but fewer than one in five Japanese workers belong to unions. The Hang Seng in Hong Kong jumped 1.3% to 19,490.35 and the Kospi in Seoul surged 1.5% to 2,384.38. India's Sensex opened up 0.2% at 58,297.50. New Zealand and Southeast Asian markets advanced. Traders rushed Monday to place bets that the Fed could keep rates steady at its next meeting, instead of accelerating to a hike of 0.50 percentage points, double last month's margin, according to data from CME Group. On Wall Street, the S&P 500 rose 1.7% to 3,920.56, reversing from a three-day string of declines. The Dow Jones Industrial Average rose 1.1% to 32,155.40. The Nasdaq added 2.1% to 11,428.15. First Republic Bank jumped 27% after plunging 67.5% over the prior three days. KeyCorp gained 6.9%, Zions Bancorp. rose 4.5% and Charles Schwab climbed 9.2%. The yield on a two-year Treasury, or the difference between the market price and the payout at maturity, climbed back to 4.21% from 4.02% late Monday, another huge move. The yield on the 10-year Treasury jumped to 3.66% from 3.55%. In energy markets, benchmark U.S. crude rose $1.08 to $72.41 per barrel in electronic trading on the New York Mercantile Exchange. The contract plunged $3.47 on Tuesday to $71.33. Brent crude, the price basis for international oil trading, advanced $1.09 to $78.54 per barrel in London. It lost $3.32 the previous day to $77.45. The dollar declined to 134.09 yen from Tuesday's 134.19 yen. The euro rose to $1.0754 from $1.0741.

Asian stock markets rose Wednesday as traders watched for signs trade might be disrupted by U.S.-Chinese tensions over an American lawmaker’s visit to Taiwan. Shanghai, Hong Kong, Tokyo and Seoul advanced after Beijing announced a ban on imports of some Taiwanese goods but no immediate major penalties following the arrival of Speaker Nancy Pelosi of the U.S. House of Representatives. The mainland’s ruling Communist Party claims Taiwan as part of its territory and rejects foreign official contact with the self-ruled island democracy. “The real show of force by China is still to come,” said Clifford Bennett of ACY Securities in a report. The Shanghai Composite Index gained 0.4% to 3,198.38 and the Nikkei 225 in Tokyo rose 0.5% to 27,740.97. The Hang Seng in Hong Kong added 0.2% to 19,726.73. Taiwan’s Taiex shed 0.2% to 14,724.51 after Beijing announced a ban on citrus and some fish from Taiwan to show its displeasure at Pelosi’s visit. The mainland announced military maneuvers in areas surrounding Taiwan but no indication it might punish industries such as Taiwanese producers of processor chips needed by Chinese factories that assemble the world’s smartphones. Read: IMF loan would help economy gain stability in reserves, dollar market: Experts The Kospi in Seoul advanced 0.5% to 2,452.91 while Sydney’s S&P-ASX 200 shed 0.4% to 6,969.90. New Zealand and Southeast Asian markets rose. Wall Street’s benchmark S&P 500 index lost 0.7% on Tuesday after the Labor Department said American employers posted fewer job openings than expected in June following interest rate hikes to cool surging inflation. Investors worry aggressive efforts by the Federal Reserve and other central banks to tame inflation that is running at multi-decade highs might derail global economic growth. The S&P 500 fell to 4,091.19. It is down nearly 1% this week. The The Dow Jones Industrial Average lost 1.2% to 32,396.17, largely because of a tumble for Caterpillar, a maker of earth moving equipment maker. The company fell 5.8% after it reported weaker revenue for the latest quarter than expected. The Nasdaq composite slipped 0.2% to 12,348.76. The Labor Department said employers posted 10.7 million jobs in June, down from 11.3 million the previous month but still a relatively high figure. Job openings, which never exceeded 8 million in a month before last year, had topped 11 million every month from December through May before dipping in June. Some weak data on the U.S. economy has added to suggestions the peak in inflation has passed but also indicates the risk of a recession is increasing. In energy markets, benchmark U.S. crude shed 22 cents to $94.20 per barrel in electronic trading on the Ne York mercantile Exchange. The contract rose 53 cents the previous day to $94.42. Brent crude lost 30 cents to $100.24 per barrel in London. It rose 51 cents the previous session to $100.54 a barrel. The dollar declined to 132.94 yen from Tuesday’s 133 yen. The euro gained to $1.0187 from $1.0174.

Stocks were mixed in Asia and oil prices fell Monday as uncertainty over the war in Ukraine and persistently high inflation kept investors guessing about what lies ahead. Tokyo and Sydney advanced while Hong Kong, Seoul and Shanghai declined. U.S. futures were higher. Ukrainian President Volodymyr Zelenskyy vowed to keep negotiating with Russia, as Russian forced bombarded a military training base near the Polish border, killing nine and wounding dozens of people. Talks aimed at reaching a cease-fire failed again on Saturday, Russia’s widening of its offensive to the western part of Ukraine comes amid warnings over the widening impact from the conflict. Moody’s Investor Service said it was reviewing its credit ratings for both countries in view of rising security, economic and financial risks. Read: Brent crude up $10, shares sink as Ukraine conflict deepens Spreading outbreaks of coronavirus in China have added to uncertainties, with authorities ordering a lockdown in the technology and manufacturing hub of Shenzhen, near Hong Kong, that could worsen supply chain disruptions. Hong Kong’s Hang Seng index lost 3.8% to 19,779.91 and the Shanghai Composite index slipped 1.3% to 3,266.73. Chinese shares have also come under selling pressure due to the threat of de-listings of major Chinese companies on U.S. stock exchanges. A report in the state-run newspaper Economic Daily said Monday that regulators are negotiating to resolve a dispute over auditing rules. The Securities and Exchange Commission has moved to require that U.S.-listed foreign stocks disclose their ownership structures and audit reports. That has come on top of technology-related sanctions against some companies. Wang Sheng, head of the investment banking division at China International Capital Corp, said in an opinion piece that China and the U.S. should be able to strike a deal. Tokyo’s Nikkei 225 index rose 0.6% to 25,318.75 and the S&P/ASX 200 gained 1.2% to 7,147.80. South Korea’s Kospi lost 0.9% to 2,637.07. On Friday, the S&P 500 fell 1.3% to 4,204.31. The Dow Jones Industrial Average lost 0.7% to 32,944.19, while the Nasdaq composite index gave up 2.2% to 12,843.81. The Russell 2000 index of smaller companies slipped 1.6% to 1,979.67. World markets have been rocked by dramatic reversals as investors struggle to guess how Russia’s invasion of Ukraine will affect prices of oil, wheat and other commodities produced in the region. Read: World shares drop after Putin orders troops to east Ukraine That’s raising the risk the U.S. economy may struggle under a toxic combination of persistently high inflation and stagnating growth. The Federal Reserve is expected to raise interest rates at its meeting this week as it and other central banks act to stamp out the highest inflation in generations, while trying to avoid causing a recession by raising rates too high or too quickly. Amid all the uncertainty, U.S. stocks remain about 10% below their peak from earlier this year, while crude oil prices remain more than 40% higher for 2022 so far. U.S. benchmark crude oil lost $3.16 to $106.17 per barrel in electronic trading on the New York Mercantile Exchange. It surged $3.31 per barrel on Friday to $109.33 per barrel. Brent crude oil, the standard for international pricing, declined $3.05 to $109.59 per barrel. The U.S. dollar rose to 117.83 Japanese yen from 117.35 yen. The euro weakened to $1.0906 from $1.0926.

Asian stock markets rebounded Wednesday after Wall Street slid on anxiety over President Vladimir Putin’s authorization to send Russian soldiers into eastern Ukraine. Shanghai, Hong Kong, South Korea and Australia advanced. Oil prices edged higher on concern about possible disruption to Russian supplies. Japanese markets were closed for a holiday. Global stock prices sank Tuesday as traders tried to figure out the impact of Russia’s moves and sanctions imposed by Washington, Britain and the 27-nation European Union on its banks, officials and business leaders. “Current U.S. sanctions on Russia are less-than-feared by the market,” said Anderson Alves of ActivTrades in a report. However, Alves noted American officials have more “acute options” including reducing Russia’s access to the SWIFT system for global bank transactions. Wall Street’s benchmark S&P 500 index lost 1% on Tuesday to 4,304.76. That puts it 10.3% below its Jan. 3 all-time high and into what traders call a correction, or a decline of at least 10% but less than 20%. On Wednesday, the Shanghai Composite Index rose 0.4% to 3,469.57 and the Hang Seng in Hong Kong gained 0.6% to 23,657.49. Read: World shares drop after Putin orders troops to east Ukraine The Kospi in Seoul advanced 0.2% to 2,712.69 and Sydney’s S&P-ASX 200 added 0.4% to 7,186.30. New Zealand and Indonesia gained. Singapore and Bangkok declined. Also Tuesday, Wall Street’s Dow Jones Industrial Average fell 1.4% to 33,596.61. The Nasdaq composite lost 1.2% to 13,381.52. U.S. stocks were already off their early Jan. 3 peak due to uncertainty about the impact of the Federal Reserve’s decision to withdraw ultra-low interest rates and other economic stimulus. Markets were rattled after Putin recognized the independence of rebel-held areas in Ukraine and sent in troops in defiance of U.S. and European pressure. Wheat prices rose on concern about supplies from Russia and Ukraine being disrupted. Prices of nickel and aluminum, for which Russia is a major supplier, also rose. European natural gas prices jumped after Germany withdrew a key document needed for certification of the Nord Stream 2 gas pipeline from Russia. In energy markets, benchmark U.S. crude rose 43 cents per barrel to $91.94 in electronic trading on the New York Mercantile Exchange. The contract rose $1.28 on Tuesday to $92.35. Brent crude, the price basis for international oils, advanced 4 cents to $93.89 per barrel in London. It gained $1.45 the previous session to $96.84. The dollar was little-changed at 115.08 yen. The euro declined to $1.1324 from $1.1334.

Asian stock markets rebounded Tuesday from record-setting declines after U.S. futures rose following President Donald Trump's announcement he would ask Congress for a tax cut and other measures to ease the pain of the spreading coronavirus outbreak.

Asian stock markets plunged Monday after global oil prices nosedived on worries a global economy weakened by a virus outbreak might be awash in too much crude.