Market Volatility: Asian Equities Slide Amid Trade Tensions and Yen Intervention

Asian equities witnessed a notable decline on Thursday, primarily led by chip stocks as investors grew increasingly concerned about escalating trade tensions between the U.S. and China. Concurrently, the yen firmed up after reaching a six-week high, attributed to suspected interventions by Tokyo.

The U.S. dollar hovered near its weakest point in four months against a basket of currencies. This follows comments from Federal Reserve officials that bolstered the likelihood of a rate cut in September, subsequently keeping gold prices near record highs.

Broader risk sentiment also took a hit when Republican presidential candidate Donald Trump stated that Taiwan, which he claims took about 100% of the U.S. chip business, should compensate the U.S. For further updates, investor attention remains on the European Central Bank's policy decisions. (Editing by Jacqueline Wong)

(With inputs from agencies.)