After experiencing their strongest weekly increase in five months, Asian shares decreased on Monday. Investors are eagerly anticipating China’s decision on rates as well as insights from U.S. Federal Reserve Chair Jerome Powell’s testimonies to determine the future direction.

The complete musical note.

The Nikkei index decreased and the value of the yen dropped to its lowest point in seven months following the BOJ meeting.

China is anticipated to reduce interest rates following a letdown in economic growth.

🔹 U.S. closed for holiday, awaits Powell’s testimonies

On Thursday, the BOE will raise rates by 25bps while oil prices drop.

Europe is set to extend the decline when markets there open, with pan-regional Euro Stoxx 50 futures down 0.7%. U.S. markets are closed for the Juneteenth holiday, with Wall Street futures mostly flat in Asia.

MSCI’s broadest index of Asia-Pacific shares outside Japan slumped 0.8% on Monday, after hitting a four-month high the previous session and finishing up 3% for the week, the best since January.

Japan’s Nikkei tumbled 1.3%, having clinched a three-decade top on Friday, buoyed by the Bank of Japan (BOJ) leaving its ultra-easy policy setting unchanged, which sent the yen to a 7-month low against the U.S. dollar