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The Nikkei 225 Index fell 1.7% to close at 65,269, while the broader Topix Index dropped 1.83% to 4,050 on Tuesday, ending a two-day winning streak as the yen extended its advance to its strongest level since February. A stronger yen weighs on earnings prospects for Japan’s export-focused industries while making Japanese assets more expensive for foreign investors. Markets were also positioning for an expected Bank of Japan rate hike, backed by strong economic data showing July wages rose at their fastest pace since 1997 and second-quarter GDP growth was revised higher. Meanwhile, elevated oil prices following renewed US-Iran fighting kept inflation risks and interest rate concerns firmly in focus. Technology stocks led the losses, with Kioxia Holdings (-3.6%), Advantest (-2%), Taiyo Yuden (-7.9%), Ibiden Co (-6.3%) and Fujikura (-3%) among the biggest decliners.

Japanese Shares Drop as Yen Surges

The annual inflation rate in Hungary edged up to 1.3% in August 2026 from 1.2% in July, which was the lowest reading since November 2016. The increase was largely driven by higher prices for alcoholic beverages, tobacco products (3.2% vs 2.9% in July), consumer durables (1.5% vs 1.8%), and other goods, including fuels (1.2% vs 0.3%). Inflation also picked up for services, rising 5% from 4.7% in the previous month. In contrast, costs declined for food (-1.4% vs -1.1%), clothing items (-0.2% vs 0.6%), and household energy (-4.3% vs -4.3%). On a monthly basis, consumer prices rose by 0.2%, rebounding from a 0.1% fall in the preceding period. Meanwhile, the annual core inflation rate, which excludes volatile items such as food and energy, ticked higher to 2% in August from 1.9% in the prior month.

Hungary Inflation Edges Higher in August

The ASX 200 slumped 90 points, or 1.0%, to close at 8,921 on Tuesday, marking a six-week low as weakness spread across retail trade, financials, and tech. Sentiment soured after Dow futures tumbled on surging oil prices and escalating U.S.–Canada trade tensions. Adding pressure, Reserve Bank's Assistant Governor Sarah Hunter warned cash rates may need to rise further to rein in sticky inflation. Meanwhile, fresh data showed Australia’s business mood fell to a three-month low in August, while business conditions slid to a six-year trough amid weaker sales, profitability, and employment. Losses were cushioned by stronger August trade flows in top trading partner China, ahead of a scheduled meeting between Presidents Xi and Trump in Washington. Commonwealth Bank fell 2.2% after flagging softer mortgage growth last month, while the other three big banks dipped between 1.7% and 3.2%. REA Group (-2.9%) and Wesfarmers (-2.5%) also lagged. Energy names bucked the trend, with Santos up 1.1%.

ASX 200 Slips to Finish at 6-Week Low

Saudi Arabia’s economy contracted 4.7% year-on-year in the second quarter of 2026, revised slightly higher from a preliminary estimate of a 4.8% decline, and reversing from a 3.0% expansion in the previous period. This marked the first decline since the fourth quarter of 2023, as oil activities plunged 24.8%, reversing from 2.9% growth in Q1, pressured by ongoing US-Iran tensions that disrupted shipping through the Strait of Hormuz, a key chokepoint for global oil and LNG trade. Non-oil activities also grew at a slower pace of 0.9%, down sharply from 2.8% in the prior quarter. At the same time, government activities moderated to 0.9%, following a 1.5% advance in the previous period. On a quarterly basis, the economy contracted by 4.8% in Q2, primarily due to a 21.6% decline in oil activities and a 0.4% drop in non-oil activities, which largely offset a 0.2% increase in government activities.

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