Most Asian equities eased on Tuesday as investors parsed fresh signals from U.S. outreach in the region and positioned for a dense slate of central-bank decisions later this week. U.S. futures were broadly flat in Asian hours after Wall Street’s major averages set fresh records overnight, led by technology.

Regional market wrap (as of 02:42 GMT)

• Japan: The Nikkei 225 fell 0.4%, cooling after a more than 2% surge to a record 50,549.60 in the prior session. The TOPIX slipped 0.6%.
• China/Hong Kong: The CSI 300 and Shanghai Composite were little changed; Hang Seng edged 0.3% lower.
• South Korea: KOSPI led declines, down >1%, even as Q3 GDP beat forecasts with the fastest expansion in over a year.
• Australia: S&P/ASX 200 fell 0.4%.
• Singapore: Straits Times Index bucked the trend, up 0.6%.
• India: Nifty 50 futures were little changed pre-open.
• U.S. futures: Largely steady following record closes for the S&P 500, Dow, and Nasdaq.

Diplomacy in focus: Tokyo talks, Seoul meeting ahead

U.S. President Donald Trump met Japan’s new Prime Minister Sanae Takaichi in Tokyo on Monday, discussing defense, trade and implementation of a previously announced $550 billion U.S. investment package targeting joint infrastructure, clean energy, and technology projects.
Separately, optimism around U.S.–China trade prospects lingered after negotiators in Kuala Lumpur agreed a draft framework intended to avert new tariffs. The framework is due to be reviewed when Trump meets President Xi Jinping in South Korea later this week, with both sides expected to finalize details of the Malaysia agreement.

Policy week: Fed and BOJ take center stage

Attention now turns to monetary policy:

• Federal Reserve: The two-day meeting began Tuesday, with markets widely expecting a 25 bps rate cut on Wednesday amid softer-than-expected inflation prints and signs of labor-market cooling.
• Bank of Japan: Decision due Wednesday; economists broadly see rates on hold.