According to Bloomberg, most Asian stocks declined following losses on Wall Street after an unimpressive start to the earnings reports. Equity benchmarks in Japan, Hong Kong, and mainland China all fell, while those in South Korea swung between gains and losses. US shares dropped on Tuesday as traders assessed earnings from some of corporate America’s largest businesses, including Tesla Inc. and Alphabet Inc. Taipei’s bourse was shut due to a typhoon, with tech giant Taiwan Semiconductor Manufacturing Co. not trading. Investors were looking to tech earnings to maintain a rally that drove recent market gains. Given that profit expectations are high for the 'Magnificent Seven,' these companies have a lot to prove. 
The yen strengthened for a third day, approaching the 155 per dollar level, as traders looked ahead to a Bank of Japan policy meeting next week. Only about 30% of BOJ watchers predict the authorities will hike interest rates on July 31, but more than 90% say there is a possibility of policy adjustments. Investors are also closely watching China, where the market has lost momentum amid economic troubles and geopolitical risks. Treasury 10-year futures edged lower in Asia as investors awaited debt auctions on Wednesday and US manufacturing PMI data. This story was produced with the assistance of Bloomberg Automation.