Asian Markets on an AI High then Jolt as Powell Strikes Caution (Sept 23

Nikkei 225 blasts to a record peak (45,630) on AI euphoria, shrugging off early losses ^[1] ^[2].
Shanghai & Shenzhen surge: Shanghai Composite +0.8%, CSI 300 +1.0% as tech shares soar; STAR 50 +3.5%, semiconductors +4.7% ^[3]. Hong Kong’s Hang Seng Tech Index jumps ~2.5% as Alibaba vaults 9% to 4-year highs ^[4].
KOSPI retreats from highs: Seoul’s KOSPI slips ~0.4% after Fed Chair Powell warns stocks are “highly valued,” denting recent AI-fueled optimism ^[5] ^[6]. Defense stocks defy the trend – Hanwha Aerospace spikes 5% on geopolitical tensions ^[7].
India slides amid global cues: Sensex sinks 0.47% (–386 pts) and Nifty –0.45% on Sept 24 as autos, IT and banks drag ^[8]. Early-week recovery fizzles; only FMCG ekes out gains while broader markets see profit-booking. The rupee bucks the trend, firming slightly on late dollar sales ^[9].
Gold glitters at record highs: Bullion tops $3,750/oz, up ~9% in a month, as investors hedge with Fed rate cuts looming ^[10].
Oil loses steam: Brent crude slips to ~$66.5 and WTI ~$62.2 per barrel on oversupply concerns despite Mideast tensions ^[11].
Central bank watch: No Asia rate moves these days, but New Zealand named its first-ever female RBNZ Governor, stirring policy chatter ^[12]. Fed signals remain mixed – Powell’s caution vs. dovish rate-cut bets – keeping currency markets jittery.
Expert take: Analysts say Asia’s tech rally is intact but overheating. Nomura notes AI-related stocks are “holding up well” even as markets flash overbought signals ^[13]. Caution abounds that a pullback may be due after steep September gains, though dip-buyers stand ready.

Asian Markets Rally on Tech Frenzy (Sept 23)

Asian equities extended their stunning September run on Sept 23, riding a wave of AI optimism and Wall Street’s record highs. Tech euphoria swept the region after Nvidia’s blockbuster plan to invest $100 billion in OpenAI, which turbocharged chip stocks globally ^[14] ^[15]. Momentum funds poured into Asian tech plays, fueling almost self-fulfilling gains. South Korea’s KOSPI, heavy with chipmakers, rose about 0.2% on Tuesday and was up nearly 9% for September ^[16] ^[17]. Taiwan’s TAIEX soared to an unprecedented peak, closing 1.4% higher at 26,247 points ^[18]. Investors cheered advances in AI and data centers – Taiwan Semiconductor (TSMC) touched fresh highs, and peers like UMC and Compal Electronics hit limit-up on huge AI server orders ^[19] ^[20]. Even with Japan’s Tokyo market shut for a holiday, the region’s momentum was evident: MSCI’s Asia-Pacific ex-Japan index climbed ~0.3% to four-year highs, up ~5.5% this month ^[21] ^[22].

Gold provided a striking subplot to the rally. As traders reveled in tech, many also hedged their bets with gold, propelling the metal to all-time highs. Gold pierced above $3,750 per ounce, bringing its YTD gain to nearly 45% – the biggest surge in decades ^[23] ^[24]. Analysts at Pepperstone noted this “inexorable rise” in gold reflects dogged bets on multiple Fed rate cuts ahead ^[25]. Indeed, futures priced in a ~90% chance of another U.S. rate cut in October and more by December ^[26]. The Fed’s dovish pivot lit a fire under risk assets and safe havens alike.

However, not all corners of Asia were exuberant. Hong Kong’s Hang Seng Index wobbled on Sept 23, dipping ~1% amid local jitters over an approaching super-typhoon and profit-taking in recent winners ^[27] ^[28]. Still, Chinese mainland markets held firm – the Shanghai Composite inched up and blue-chip CSI 300 was flat to slightly positive ^[29], as traders awaited concrete policy follow-through in Beijing. Notably, China’s central bank had injected liquidity and cut rates earlier in the month, sparking a powerful rebound that lifted Chinese stocks to decade highs ^[30]. Confidence in China’s market has been gradually returning: UBS strategists observed that with Shanghai near a 10-year peak, a “money-making effect” is drawing sidelined retail cash back into equities, shifting funds out of bank deposits ^[31]. Further boosting sentiment, Beijing moved to defuse trade friction – announcing it will forego certain WTO developing-nation perks – a goodwill gesture that eased U.S.–China tensions, according to Maybank analysts ^[32] ^[33].

Japan’s Nikkei 225 was quiet on the 23rd (closed for Autumn Equinox holiday), but investors were already positioning for more gains. The index had climbed 6.5% in September to date ^[34] ^[35], fueled by a flood of foreign money into Japan’s tech and robotics names. Even with the Bank of Japan sticking to ultra-easy policy, hopes for corporate reforms and AI investments have made Tokyo a hot market. “We continue to see AI-related and data center stocks holding up well,” affirmed Nomura strategist Maki Sawada, noting that dip-buyers have promptly emerged on any pullback ^[36].

Powell’s Warning Triggers Volatile Wednesday (Sept 24)

The bullish mood met a reality check on Sept 24 after Fed Chair Jerome Powell delivered a sober reminder that “equity prices are fairly highly valued.” His comments, coming after U.S. markets had notched multiple record closes, sent a chill through global markets. Asian stocks fell across the board early Wednesday, mirroring Wall Street’s overnight stumble ^[37]. Japan’s Nikkei opened down and slid as much as 0.6% intraday ^[38] ^[39]. South Korea’s KOSPI also gapped lower, and Australia’s ASX 200 sank nearly 1% as a hotter-than-expected inflation report compounded the pressure ^[40].

By midday, sentiment was shaky. “Investors sat on the sidelines” after Powell’s cautious speech, observed a Seoul analyst, adding that the recent AI-driven fervor was “now shaking” on valuation fears ^[41] ^[42]. Benchmarks in Sydney and Seoul were down ~0.5% or more. Singapore’s STI slipped about 0.3% as local traders turned defensive, and Malaysia’s KLCI and Indonesia’s JCI also saw mild declines (around 0.2–0.4%) in sympathy, according to regional trading desks.

Yet by the close of Sept 24, several Asian markets staged impressive rebounds – a testament to the prevailing bullish undercurrent. Nowhere was this more evident than in Tokyo, where the Nikkei 225 dramatically reversed course. After the morning dip, buyers piled into tech and telecom shares, lifting the Nikkei by +0.3% to 45,630.31 – a record closing high ^[43] ^[44]. The broader Topix index also gained +0.2%. Optimism around artificial intelligence investments helped “fight back from early losses,” as Reuters noted ^[45]. Nomura’s Maki Sawada said the brief pullback was a healthy correction following the index’s steep run, and that fresh headlines on corporate AI initiatives swiftly restored the rally’s vigor ^[46] ^[47]. Indeed, late Tuesday in the U.S., OpenAI, Oracle and Japan’s own SoftBank Group had unveiled plans for five new AI data centers – news that turbocharged SoftBank’s stock nearly +6% on Wednesday ^[48] ^[49]. Industrial conglomerate IHI Corp. was the Nikkei’s top gainer, rocketing +9.7% after bullish earnings, while index heavyweights like Toyota and Sony also contributed to the upswing. Market internals hinted at some fatigue – about as many stocks fell as rose, and the Nikkei’s 14-day RSI hovered above 70 (an “overbought” signal) ^[50] ^[51]. Still, dip-buyers clearly remain in control of Japan’s market for now.

Mainland Chinese and Hong Kong stocks, meanwhile, caught fire on Sept 24 after a subdued start. Shanghai’s Composite index rallied 0.83% by the close to 3,853.64, and the CSI 300 climbed 1.0% ^[52]. The tech sector spearheaded the rebound: China’s STAR Market 50 index jumped 3.5%, the CSI info-tech index +2.9%, and a semiconductor index soared nearly 4.7% ^[53]. Traders cited a slew of upbeat tech news. Chief among them: Alibaba’s big AI play – the Chinese e-commerce titan announced plans to open its first overseas data centers (in Brazil, France, and the Netherlands) to accelerate its global AI cloud strategy. Alibaba’s Hong Kong–listed shares surged 9.16%, hitting their highest level since 2021 ^[54] ^[55]. This helped propel the Hang Seng Index up 1.37% on the day ^[56]. Hong Kong’s tech index climbed even more, +2.5%, as investors snapped up Chinese tech giants and chipmakers. Easing U.S.–China friction added fuel: Beijing’s move to relinquish certain WTO privileges (effectively acknowledging its “developed” status) removed a point of contention with Washington and “provides some sign” of improving ties, Maybank analysts noted ^[57] ^[58]. All told, Wednesday brought a robust rebound in Greater China markets, which are hovering near multi-year highs on the back of policy support and resurgent risk appetite.

South Korea’s KOSPI, which just a day earlier had touched a historic intraday high, wasn’t as fortunate on the 24th. Seoul’s benchmark slid 0.4% to 3,472.14 ^[59], as traders took profits in recent winners. The trigger: Powell’s valuation warning sparked overnight tumbles in U.S. tech darlings like Nvidia, souring the mood for Korea’s own chip shares ^[60]. “Investor sentiment, recently fueled by AI momentum, is now shaken,” said Lee Kyoung-min of Daishin Securities, explaining that the Fed Chair’s remarks “triggered the downward push.” ^[61] Indeed, foreigners turned net sellers of Korean equities mid-week ^[62]. Market heavyweights showed a mixed picture – Samsung Electronics actually rose +0.8%, defying the trend, while SK Hynix fell –1% ^[63]. Financials and other cyclicals were mostly soft (e.g. Shinhan Financial –1.1% ^[64]). One standout sector was defense: shares of Hanwha Aerospace exploded +5.4% to an all-time high ^[65]. The rally came after U.S. President Donald Trump’s hawkish comments on geopolitics – he suggested NATO nations “should shoot down” any hostile Russian planes, a remark that spurred defense stocks globally ^[66] ^[67]. Korean shipbuilders and defense suppliers have been in vogue, and Trump’s rhetoric gave them another leg up. South Korea’s won currency, however, weakened to around ₩1,398 per USD, as risk-off flows and dollar strength took hold ^[68].

Other ASEAN markets saw more tempered moves. Singapore’s Straits Times Index dipped about –0.3% on Sept 24 to ~4,290 ^[69], as Powell’s comments cooled sentiment and overshadowed news that Singapore’s core inflation eased to a four-year low (0.3% YoY) – potentially positive for consumers but also hinting at slower growth ^[70]. Malaysia and Thailand each fell roughly half a percent over the two-day span, amid a lack of major local catalysts. Indonesia’s JCI was an outlier, inching up 0.2% on bargain-hunting in bank stocks. Australia, while not always lumped into “Asian” markets, merits mention: the ASX 200 slumped 0.9% on Sept 24 ^[71] after a surprise uptick in Aussie CPI rekindled rate hike worries. Energy and mining shares led the decline in Sydney, exacerbated by a drop in oil prices.

Sector Highlights: Tech Leads, Defensive Plays Swing

Across the region, the technology sector remained the driving force – albeit with bouts of volatility. From Tokyo to Taipei, AI-related stocks and chipmakers extended their stellar run. Japan’s market was powered by names like SoftBank (+6% on Wed) and chip equipment firm Tokyo Electron (+2%), as investors bet that the AI investment boom has more room to run ^[72]. Taiwan’s tech titans likewise proved resilient: TSMC, the world’s largest chip foundry, quickly recovered early losses to close flat on Sept 24 ^[73] ^[74]. “Large-cap tech largely appeared resilient” despite Wall Street’s wobble, noted Alex Huang of Mega Investment in Taipei, crediting lingering optimism around AI development ^[75] ^[76]. The AI server supply chain saw especially sharp moves – Taiwan’s Compal Electronics hit its 10% daily limit after securing a massive server order from Dell ^[77], and several chip equipment and ICT names in Taiwan and Korea notched similar gains. Chinese tech was supercharged by Alibaba’s news, but other Mainland players jumped in sympathy – chipmaker SMIC and AI software firm iFlyTek both climbed ~5–6% in Shanghai trading (according to local press).

Meanwhile, defensive and old-economy sectors saw mixed fortunes. In Japan, some profit-taking hit utilities and video game makers – for instance, Tokyo Electric Power Co. plunged –4.9% and game developer Nexon sank –3.8%, making them Nikkei’s worst performers ^[78] ^[79]. Consumer staples were lackluster across several markets; India’s Nifty FMCG index was the rare sector index to rise on the 24th (+0.3%) as investors rotated toward safer bets ^[80]. Metals and mining shares were weak in India and Australia, tracking softer commodity prices. Conversely, public sector banks and financials showed strength earlier in the week – India’s PSU Bank index jumped over +1% on Sept 23 amid recapitalization hopes ^[81] ^[82], and Chinese bank stocks got a lift from PBoC stimulus measures. By Sept 24, however, financials mostly succumbed to the broader market downdraft (e.g. KB Financial in Korea ticked down –0.1% ^[83]; Cathay Financial in Taipei –0.3% ^[84]).

One conspicuous sector outperformer was anything related to defense and aerospace. Heightened geopolitical tension – from the Russia-Ukraine war rhetoric to US-China rivalry – has funneled investor interest into defense plays in Asia. South Korea’s Hanwha Aerospace (a major arms and space contractor) soared to record highs ^[85]. In Japan, defense contractors like Mitsubishi Heavy and Kawasaki Heavy saw renewed buying. Taiwan’s so-called “military concept” stocks had rallied strongly in prior sessions; by Sept 24 some saw profit-taking (Aerospace Industrial Corp fell –3.5% ^[86]), but the overall theme remains hot given regional security concerns.

Automotive and energy stocks faced headwinds as well. In India, auto majors Tata Motors and Hero MotoCorp slid ~2–3% over the two days ^[87], partly on worries that higher oil prices (until recently) could crimp demand, and partly due to stock-specific issues. The oil & gas sector indices fell around –1% in India and Malaysia, tracking the decline in crude. Airlines and travel-linked stocks (e.g. Cathay Pacific in Hong Kong) were also softer mid-week, hurt by rising oil earlier in the month and, in Hong Kong’s case, the approaching typhoon.

Macroeconomic & Geopolitical Drivers

A confluence of macro forces and policy news set the tone for Asia’s markets. Foremost was the evolving stance of the U.S. Federal Reserve. Last week’s surprise half-point Fed rate cut – the first of 2025 – initially supercharged risk appetite. Markets began pricing in an extended easing cycle, with futures assigning high probability to another cut in October and possibly again in December ^[88] ^[89]. This dovish outlook was a key pillar of the September rally. However, Fed officials sent mixed signals: new Fed Governor Stephen Miran (a Trump appointee) argued for sharply lower rates, even as three other Fed members cautioned against inflation complacency ^[90]. Powell’s Sep 24 remarks underscored this cautious side, injecting uncertainty about the timing of the next cut. The push-pull in Fed expectations kept markets on edge and directly impacted currencies (more below).

Geopolitics also played a significant role:

U.S.–China relations: Surprisingly, a positive development emerged. China’s government announced it will drop claims to certain “developing country” benefits at the WTO ^[91] – a gesture aimed at smoothing trade negotiations with the West. This move was well-received by investors. “It removes a point of contention between the U.S. and China,” wrote analysts at Maybank, noting it as a sign of Beijing’s willingness to improve ties ^[92] ^[93]. The news, alongside China’s recent stimulus boost, contributed to the strong rebound in Chinese equities mid-week.
Trump’s policies and comments: Former U.S. president Donald Trump (now in the midst of an election campaign and making global headlines) jolted certain Asian stocks. His administration’s announcement of a steep $100,000 fee for new H-1B visas rattled India’s giant IT services sector ^[94]. Indian tech heavyweights rely on skilled workers in the U.S., so the prospect of pricier visas sent IT shares sliding early in the week. Trump also sparked a rally in defense names with his hard-line comments on Russia and NATO, as mentioned. These cross-currents show how U.S. politics are reverberating through Asian markets.
Regional events: In Hong Kong, the looming Typhoon Ragasa prompted some precautionary selling on Sept 23, particularly in retail and travel stocks, as the city braced for potential disruptions ^[95]. The storm ultimately skirted a direct hit, and Hong Kong’s market bounced back strongly the next day. Elsewhere, North Asia’s trade data came in mixed – South Korea’s exports showed signs of bottoming out, while Japan reported softer manufacturing PMI (purchasing managers’ index) at 6-month lows ^[96] ^[97]. The weak Japan PMI (on falling new orders) briefly weighed on automakers and machinery firms, but was overshadowed by the broader global themes.

On the domestic policy front within Asia, there were few major central bank decisions during these two days, but plenty of speculation:

In Japan, the yen’s slide near ¥148 per USD earlier in the week had markets on alert for possible BOJ or Ministry of Finance intervention. Officials issued verbal warnings but did not step in yet. The Bank of Japan remains under pressure as core inflation creeps up and the yen languishes; some investors are betting the BOJ could tweak policy by year-end if the yen weakness persists.
China’s PBoC had recently rolled out a hefty stimulus package (cutting reserve ratios and interest rates) just before this period. The impact was still unfolding: Chinese bond yields fell and credit growth is expected to pick up. Traders are now watching if more fiscal support will follow to ensure Beijing’s ~5% GDP growth target is met. So far, the PBoC’s actions succeeded in boosting confidence – Chinese yuan and stocks strengthened notably on that news (the yuan even broke the key 7.0 level briefly, see below).
Other central banks: New Zealand made headlines by appointing Anna Breman (a Swedish central banker) as its next Reserve Bank Governor – the first woman to hold the role ^[98]. While NZ is a small market, the symbolism of fresh leadership and international expertise was noted across financial circles. In Indonesia, Bank Indonesia was expected to hold rates steady at its meeting (which it did, just after this period), prioritizing currency stability. India’s RBI and others in the region are largely in a wait-and-see mode, balancing the need to support growth with keeping inflation in check.

Currencies and Commodities

Foreign exchange markets saw significant moves, driven by the shifting Fed outlook and China’s resurgence. The U.S. dollar initially eased earlier in the week, continuing a see-saw pattern. But by Sept 24, as Powell’s hawkish undertone sank in, the dollar caught a bid again. The dollar index bounced off multi-month lows, hovering around the mid-97 level ^[99].

The Japanese yen traded in a wide range. It strengthened slightly on Sept 23 when risk sentiment was strong (dollar/yen fell into the high ¥147s ^[100]), but then reversed course, with the dollar jumping past ¥148 briefly before settling around ¥147–148. By Wednesday, the greenback was back down to ~¥144.7 ^[101] ^[102] – a confusing whipsaw that reflected both U.S. yield movements and safe-haven flows. Traders noted that any approach toward ¥150 could trigger intervention; thus far, Japanese officials limited themselves to monitoring comments.

In contrast, the Chinese yuan showed notable strength. Buoyed by the stock rally and the PBoC’s support measures, the offshore yuan (CNH) briefly punched below ¥7.00 per USD for the first time since mid-2023 ^[103]. It hit ¥6.995 at one point (a 16-month high for the yuan) before settling back above 7.03 by end of day ^[104]. The onshore CNY similarly firmed. This marks a significant turnaround from earlier this year when yuan sentiment was bearish; improving economic signs and easing U.S. tensions have given the currency a boost. Emerging Asian currencies were mixed: the Indian rupee outperformed peers, rising slightly to about ₹82.95 per USD (gaining 6 paise on Sep 24) ^[105] thanks to state-run banks likely selling dollars to support the rupee. India’s currency has been relatively stable even as equity flows turned negative in recent days. The Korean won, by contrast, weakened to around ₩1,397/$ as noted, reflecting Korea’s sensitivity to U.S. tech stock swings ^[106]. The Thai baht and Indonesian rupiah were little changed, though there’s regional focus on whether Fed rate cuts might ease pressure on their currencies going forward.

Commodities saw divergent trends. Gold was the star: it is firmly in uncharted territory price-wise. Spot gold hit an all-time high around $3,755 per ounce ^[107], and gold futures saw heavy inflows. Analysts pointed out that gold’s surge has been aided by surging ETF inflows and its appeal as a hedge against both inflation and financial instability ^[108] ^[109]. Some are beginning to question if the “gold rush” is overdone, but so far every dip has been bought. Notably, Bitcoin – often dubbed “digital gold” – has not kept pace (up only ~20% YTD versus gold’s ~45% ^[110]), reinforcing gold’s status as the go-to safe asset in 2025’s environment.

Oil prices, on the other hand, have been softening. Brent crude fell below $67 this week, and WTI is near $62 – both down from recent highs ^[111]. The sell-off comes as concerns of oversupply re-emerge: U.S. crude inventories have been building, and Libya’s oil export disruptions resolved sooner than expected ^[112] ^[113]. Additionally, worries about China’s demand (despite stimulus, China’s latest import data for oil was underwhelming) put a ceiling on prices. The market shrugged off some geopolitical risks – for instance, tensions involving Russia and OPEC+ production discipline – focusing instead on fundamental supply-demand. Lower oil is something of a relief for Asian economies, especially big importers like India and Japan, potentially easing inflation pressures. It’s also helped cool Asia’s energy stocks: mining and oil & gas equities lagged as mentioned.

Industrial metal prices like copper and iron ore were relatively stable over the two-day span, balancing China optimism with global growth concerns. Iron ore held around $125/ton (Dalian futures), while copper hovered near $4.2/lb. Agricultural commodities didn’t feature prominently in market narratives these days.

Expert Commentary and Outlook

Despite the mid-week wobble, many market watchers remain optimistic about Asia’s prospects in the near term. The consensus: artificial intelligence and tech-driven momentum is a game-changer that could keep markets buoyant, but valuation and policy risks are rising.

“We’d need to see something truly out of left field to derail these upbeat flows,” remarked Chris Weston, head of research at broker Pepperstone, referencing the red-hot US and Asia tech rally ^[114]. He cautioned that the trend has become “almost self-fulfilling” as momentum investors pile in – a dynamic that can extend gains further, but also one that could reverse sharply if the narrative shifts ^[115]. This week’s brief stumble on Powell’s words illustrates how vulnerable sentiment can be to a change in the macro story.

Many strategists highlight that Asia’s fundamentals are improving relative to earlier in the year. China’s market, after a long slump, has entered a bull phase thanks to policy support. “This indicates a shift in household wealth… to equities,” noted UBS China equity strategist Lei Meng, as retail investors return ^[116]. He expects Chinese stocks to continue grinding higher, albeit with periodic pullbacks, as long as the government shows commitment to pro-growth measures. Over in India, domestic optimism is still in play – Ponmudi R., CEO of Enrich Money, observed that Indian equities rebounded from lows on hopes of a revival in domestic demand supported by recent tax and GST reforms ^[117]. He also cited upcoming U.S.–India trade talks as bolstering confidence, and pointed out that strong buying by domestic institutions (DIIs) has cushioned the impact of foreign outflows ^[118]. This highlights a key theme: local investors are increasingly driving Asian markets, from India’s pension funds to Japan’s corporate buybacks and China’s “national team” inflows.

Still, short-term caution is prevalent. Technical analysts note some indices are entering overbought territory (e.g. Nikkei’s high RSI, Taiwan’s 8% monthly surge). “A hanging man candlestick emerged… suggesting short-term consolidation,” one analyst wrote of India’s Nifty, which he sees range-bound between 25,100 support and 25,400 resistance in the near term ^[119]. In Taipei, Mega’s Alex Huang expects a healthy consolidation after the Taiex’s sprint to new highs, “particularly after the losses on U.S. markets” reminded traders not to get carried away ^[120]. However, he adds that the resilience of big tech like TSMC, amid “lingering AI hopes,” should prevent any steep correction for now ^[121] ^[122].

Monetary policy developments will be critical to the outlook. The Fed’s next steps remain the biggest wild card. Powell gave “few clues” about upcoming moves ^[123], but markets are still leaning towards more easing. If rate cuts arrive slower than expected, it could induce more volatility – especially in rate-sensitive tech stocks. Conversely, any hints of additional stimulus in China or perhaps a dovish tilt by the Bank of Japan (which meets next month) could extend the rally in equities and bonds. In that vein, Japan’s political backdrop bears watching: with a new BOJ governor settling in and even some hawkish talk from government figures, Japanese yields have inched up. Yet, as long as BOJ keeps pinning yields, stocks may continue to benefit from a weaker yen boosting exporters.

Bottom line: Asia’s markets have navigated a mid-week rollercoaster, from euphoria to a flash of fear and back. The Nikkei’s record close and Chinese tech’s revival underscore that the bulls still have the upper hand. But after weeks of gains, volatility is creeping back – the seasonally choppy October period lies ahead, and investors will be watching whether “pumpkin-spiced” market weakness finally shows up after an unseasonably strong run ^[124]. In the coming days, traders will keep a close eye on U.S. economic data (like jobs and inflation readings) and any policy signals from central bankers. For now, Asia’s AI-fueled dream run is intact, but tested: the margin for error is thinner, and as one commentator quipped, “’tis the season to be choppy.” ^[125]

Sources: Bloomberg, Reuters, Nikkei Asia, CNBC, The Economic Times, SCMP, trading desks ^[126] ^[127] ^[128] ^[129] ^[130], analyst commentary ^[131] ^[132], and market data as of Sept 24, 2025.