Asia shares trade mixed on Wednesday following a tech-led selloff on Wall Street ahead of the Fed’s July meeting minutes and the Jackson Hole meeting, while Japanese markets extended a fall from record highs on soft trade data. Silver prices slid toward $37 per ounce on Wednesday, marking their lowest level in more than two weeks, as the dollar firmed ahead of key Federal Reserve events. Bitcoin ( BTC-USD ) traded around $113,000 in late August, holding most of its losses following a sharp sell-off that pushed it near a six-week low. Gold fell to around $3,310 per ounce on Wednesday, approaching a three-week low, as prospects of easing geopolitical tensions and a rising US dollar weighed on the metal ahead of the Federal Reserve’s Jackson Hole symposium. The United States Commerce Department widened its 50% steel and aluminum tariffs to include more than 400 product categories, including auto parts, chemicals, plastics, and furniture components that contain the metals. Japan ( NKY:IND ) fell 1.52% to below 43,200, while the broader Topix Index lost 0.3% to 3,107 on Wednesday, extending the previous session’s decline. The Japanese yen firmed to around 147.5 per dollar on Wednesday, extending gains from the prior session, even as trade figures disappointed. Japan's exports fell 2.6% year-on-year in July, the sharpest decline in more than four years as sweeping US tariffs weighed on overseas demand. Imports also contracted 7.5%, marking the fourth decline this year but faring better than expectations for a 10.4% drop. Separately, core machinery orders—a leading indicator of capital spending over the next six to nine months—unexpectedly rose in June, rebounding after two months of declines. U.S. Commerce Secretary Howard Lutnick said Tuesday that a document outlining the recent deal on U.S. tariffs on Japanese imports is likely “weeks away.” China ( SHCOMP ) rose 0.07% to around 3,730 while the Shenzhen Component slipped 0.2% to 11,800 on Wednesday, with mainland equities struggling for direction, and the offshore yuan edged lower to around 7.19 per dollar on Wednesday as investors digested the People’s Bank of China’s latest monetary policy decision alongside developments in the ongoing US-China trade truce. At its August meeting, People’s Bank of China’s kept its key lending rates at historic lows for the third straight month , as expected by the market. The one-year Loan Prime Rate was held at 3.0% and the five-year LPR remained at 3.5%. India and China have agreed to resume direct flights and enhance trade and investment flows as part of efforts to rebuild ties strained by a 2020 border clash. China's exports of rare earth magnets surged nearly 75% from the previous month to a six-month high of 5,577 metric tons in July 2025, highlighting a return to pre-restriction levels before the country imposed export curbs, following a series of deals reached in June between China and both the US and Europe aimed at reopening the rare earth trade. On the trade front, US Treasury Secretary Scott Bessent said this week that negotiations between Washington and Beijing are “going well”, as both countries work toward a possible agreement during the current 90-day suspension of new tariff measures. China’s fiscal revenue edged up 0.1% year-on-year to over CNY 13.58 trillion (USD 1.9 trillion) in the first seven months of the year, the Ministry of Finance said Tuesday. Hong Kong ( HSI ) fell 0.59% to 25,019 in Wednesday morning trade, slipping for the fifth session. India ( SENSEX ) rose 0.09% trading around 81,661 in early deals on Wednesday after gaining in the previous four sessions, as gains in tech and real estate stocks were offset by losses in the pharmaceutical, healthcare, and banking sectors. The Indian rupee traded around 87.1 per dollar on Wednesday, holding its biggest gain in over a month to stay near a three-week-high, supported by easing US tariff risks and optimism over New Delhi’s tax reforms. Prime Minister Narendra Modi is set to visit China later this month for the Shanghai Cooperation Organisation summit, his first trip there in over seven years. Australia ( AS51 ) rose 0.14% to below 8,880 on Wednesday, extending its decline from the previous session, weighed by cautious trading as investors continued to parse corporate updates. The Australian dollar weakened to below $0.645 on Wednesday, marking its third straight session of losses to hit a nearly three-week low. Investors now await upcoming PMI data for clues on Australia’s economic momentum. The Reserve Bank of New Zealand reduced its official cash rate by 25 basis points to 3% during its August 2025 meeting, lowering borrowing costs down to their lowest point since August 2022. The New Zealand dollar fell more than 1% to $0.582 on Wednesday, hitting its lowest level since mid-April after the Reserve Bank cut interest rates as expected and signaled scope for further easing. The central bank slashed its official cash rate by 25bps to a three-year low of 3%, bringing its easing cycle so far to a whopping 250bps In the U.S. on Tuesday, all three major indexes ended lower as losses in major technology names dragged the market lower, with the S&P 500 slipping 0.6% and the Nasdaq falling 1.5%, its lowest level in more than two weeks, on steep drops in chipmakers. U.S. stock futures fell on Wednesday as investors looked ahead to earnings from major retailers and the release of the Federal Reserve’s July meeting minutes: Dow -0.25% ; S&P 500 -0.31% ; Nasdaq -0.51% . Currencies: ( JPY:USD ), ( CNY:USD ), ( AUD:USD ), ( INR:USD ), ( HKD:USD ), ( NZD:USD ). More on Asia: PBOC keeps lending rates at record lows for third straight month New Zealand cuts rate by 25 bps to 3-year low Japan's economy accelerates by 0.3% in Q2, beating forecasts China's economy slows as industrial production, retail sales both miss targets; Jobless rate climbs to 5.2% in July Australia's unemployment rate drops to 4.2% in July
