The Nikkei 225 hit an all-time high of 59,000 during its third straight session of record gains, fueled by investor enthusiasm for Prime Minister Sanae Takaichi’s pledge of looser monetary policy and increased fiscal spending. Market confidence was reinforced by the appointment of dovish candidates to the central bank board, underpinning expectations of prolonged monetary accommodation.

In contrast, U.S. futures pointed to a broad risk-off mood, with Dow Jones futures down 231 points (0.47%) and the Russell 2000 off 0.70%, as market participants awaited the producer price index. A hotter-than-expected PPI print is feared to prompt the Federal Reserve to maintain higher interest rates, raising borrowing costs for growth-sensitive sectors.

The Invesco QQQ Trust fell 1.21% as Nasdaq 100–linked exposure was weighed down by the risk-off environment. Investors pulled back from technology and growth assets in response to global policy shifts and looming U.S. inflation data, driving a broader ETF sell-off alongside a 0.56% decline in the SPDR S&P 500 ETF Trust.