Asian Equities Slide, JPY in Focus as BOJ Holds Amid Oil and AI Fears

Asian equity markets slumped sharply during the July 24 session as a confluence of negative catalysts weighed on risk appetite. Iran's rejection of a US ceasefire offer intensified geopolitical fears, driving crude oil higher and pressuring risk-sensitive assets. Simultaneously, renewed concerns over AI-related capital spending rattled tech-heavy indices across the region. Gold extended its decline below $4,040 support to test $4,025 as rising bond yields offset safe-haven demand. The Bank of Japan is expected to hold rates steady at its meeting next week while maintaining its inflation overshoot warning, keeping USD/JPY sensitive to any hawkish shifts in forward guidance. The yen saw mixed flows — supported by risk aversion but capped by the BOJ's dovish hold outlook. AUD/USD and NZD/USD remain under pressure from the broad risk-off tone and falling equity markets. Traders should watch the $4,025 gold support level and BOJ commentary for near-term directional cues across JPY crosses and commodity currencies.