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fxJul 2, 2026, 9:41 AM

Risk-Off Sweeps Markets Ahead of US Payrolls, Yen Intervention Looms

Asian equities tumbled overnight as a reassessment of AI capex hit semiconductor stocks, with the SOX falling 6%, Kospi nearly 8%, and Nikkei 2%. All eyes are now on US payrolls data and potential yen intervention before the extended weekend.

USDJPY

Risk-off sentiment dominated overnight trading after a fresh reassessment of AI capital expenditure slammed semiconductor stocks across Asia. The Philadelphia Semiconductor Index (SOX) dropped 6%, South Korea's Kospi lost nearly 8%, and Japan's Nikkei fell 2%.

European markets are in a holding pattern ahead of today's US nonfarm payrolls report and Friday's data releases. Meanwhile, traders remain alert for any yen intervention by Japanese authorities before the long weekend, adding to the cautious tone in FX markets.

Source: FXStreet Forex News