In today’s trading session, Asian stock prices declined as low earnings projections from Meta Platforms, weighed heavily on the technology sector. In addition, the Japanese Yen has declined below 155 per dollar, a milestone not seen since 1990, sparking concerns about potential intervention from Tokyo. 

Meta Platforms saw its shares plummet by 15% in after-hours trading following its announcement of a current quarter revenue projection below expectations and increased expenses. This development soured market sentiment, sparking a sell-off in US technology and technology-related stocks. 

This decline has affected Asian tech stocks and dragged MSCI’s comprehensive index of Asia-Pacific shares, excluding Japan by 0.7%

Meanwhile, the Japanese Yen weakened to a new 34-year low against the dollar, reaching as low as 155.45 per dollar. The Bank of Japan is expected to maintain its current interest rate settings on Friday, but the yen’s decline increases the possibility that the bank is moderating its stance on maintaining easy monetary policy. 

However, the focus will primarily be on the comments from BOJ Governor Kazuo Ueda, as he navigates a measured approach towards exiting ultra-easy rates without causing significant fluctuations in the currency.

Japan Airline’s CEO Mitsuk Tottori, stated in a group interview that Japan’s weakened currency is a massive concern. Tottori suggested that a stronger exchange rate, preferable to the current level of around 155 Yen to the dollar, would be better.

At press time, Japan’s Nilkkei 225 slid by 2.21% trading at 37,610.64, while the Hang Seng index slightly went up by 0.32% trading at 17,255.49.

South Korea’s Kospi also went down by 1.44% trading at 2,637.06. India’s Nifty 50 slid by 0.4% trading at 22,394.5. In Australia, the S&P/ASX 200 slightly sli by 0.01, trading at 7,683.