Japan, China, South Korea and ASEAN plan to broaden their currency swap programme. The expansion aims to include infectious disease outbreaks and natural disasters. The Chiang Mai Initiative, a $240 billion pool, supports regional financial stability. Members will likely agree on the expansion in Milan. The change is expected to take effect in May.

Technology giant Microsoft posted robust quarterly results on Wednesday, with revenue rising 13 percent to $70.1 billion, powered by a strong performance in its cloud computing and artificial intelligence businesses. The company s Intelligent Cloud segment, a key part of Microsoft s business, showed particularly strong growth with revenue of $26.8 billion, up 21 percent.

Nikkei inched up as investors awaited Bank of Japan s rate decision. Focus is on U.S. trade talks. Advantest surged, buoyed by U.S. tech gains. Bank of Japan is expected to hold rates steady. Investors are keen on Governor Ueda s comments on U.S. trade policy impact. Economy Minister Akazawa is set for trade talks. Murata Manufacturing declined after disappointing results.

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Markets typically distinguish between political headlines and actual war risks. Unless there is a full-blown conflict—which is very rare—investors eventually shift their focus back to earnings, economic growth, and liquidity.

The Bank of Japan maintained its interest rates at 0.5% but lowered economic growth predictions due to uncertainties surrounding U.S. tariffs. While core consumer inflation forecasts were also reduced, the BOJ anticipates inflation to remain around 2% through fiscal year 2028, suggesting potential rate hikes will continue. Markets are closely monitoring how U.S. tariffs will affect the BOJ s rate-hike strategy.

Morgan Stanley economist Chetan Ahya predicts trade tensions will hurt global investment. Asia s GDP growth may fall from 4.8% to 3.6% by late 2025. The US may reduce tariffs, but uncertainty will remain. Tariffs on autos and semiconductors will affect Korea, Taiwan, and Japan. Pharma tariffs may impact India, China, and Japan.

Policymakers are holding off on any policy changes as they await more definitive evidence that inflation is consistently moving toward the 2% target or clear signs of a weakening job market.

Buying was seen in auto, telecom, and realty stocks, while selling pressure was visible in banking, consumer durables, power, utilities, and capital goods.

Market expert Jai Bala suggests a potential market dip below April s low. A market bottom could form if the Dow Jones surpasses 40,661. The US GDP contraction is expected to have a limited global impact. Markets are exploring alternative growth sources. European and Asian markets are currently showing strong performance. Overall market impact should be manageable if stability prevails.