Asian Markets Tumble Ahead of Nvidia Earnings Amid Economic Concerns

Asian stock markets, particularly in Japan and South Korea, have experienced significant drops, hitting one-month lows. Investors are cautious ahead of Nvidia's earnings report, indicative of potential valuation adjustments. Meanwhile, government bond yields in Japan are impacted by fiscal policy debates, and cryptocurrency values continue to decline.

Asian stocks plummeted to one-month lows on Tuesday, with Japan and South Korea's tech-heavy markets experiencing the sharpest declines. Investors are eagerly awaiting Nvidia's earnings report later this week, which is expected to gauge valuations in the volatile tech sector.

South Korea's KOSPI dropped 3.3%, Hong Kong's Hang Seng Index fell 1.67%, and Japan's Nikkei saw a 3% decline, marking its most significant one-day fall since April. The overall mood was mirrored with a selloff on Wall Street overnight as markets brace for a wave of economic data releases.

In Japan, government bond yields hit record highs due to apprehensions around Prime Minister Sanae Takaichi's extensive spending plans. Concurrently, bitcoin and other cryptocurrencies continued their downward trajectory, with bitcoin sliding below $90,000 for the first time in seven months.

(With inputs from agencies.)