The Bank of Japan should resume interest rate hikes following a temporary pause to evaluate the impact of U.S. tariffs, board member Hajime Takata said, signalling optimism the country was on track to durably achieve the central bank's price goal, Reuters reported. Takata said that Japan was close to achieving the BOJ's 2% inflation target with robust corporate profits and labour shortages driving up wages and building price pressures. While the BOJ must take its time scrutinising the fallout from U.S.

Hong Kong's retailers are battling against shifting consumer habits, as visitors spend less and locals head across the border to China for cheaper dining and shopping, leading to a wave of store closures, Reuters reported. A 36-year-old Chinese seafood restaurant chain and a popular high-end food court in the bustling Causeway Bay district closed this week. Other recent closures in the financial hub include cinema chains, a major catering group, a 41-year-old bakery and a three-decade-old congee chain.

Indonesia will sign a pact worth $34 billion with business partners next week to boost purchases from the U.S., as part of efforts to strike a trade deal with Washington ahead of the July 9 deadline, Indonesia's chief economic minister said on Thursday, Reuters reported. The deal would include increasing imports of fuels and investment by Indonesian companies in energy and agriculture sectors in the U.S. Separately, flag carrier Garuda Indonesia (GIAA.JK), opens new tab also said it is in talks to buy up to 75 jets from Boeing BA.N. Jakarta is facing a 32% tariff in U.S.

In a significant development in the ongoing insolvency resolution process of Jaiprakash Associates Ltd (JAL), the Adani Group is likely to have emerged as the leading contender with the highest bid to acquire the debt-laden company, sources familiar with the matter told BW Businessworld. The conglomerate is likely to have offered ₹16,000 crore to take over JAL, which is grappling with creditor claims exceeding ₹57,000 crore. Dalmia Bharat is likely to have emerged as the second highest bidder.

Australian retail sales barely grew for a fourth straight month in May as gains in clothing purchases were offset by a rare drop in food sales, bolstering the case for another cut in interest rates next week, Reuters reported. The result dashed hopes that lower borrowing costs and rising real incomes would revive household demand, suggesting the Reserve Bank of Australia will have to again downgrade consumption forecasts, in a blow to the economic outlook.

After failing to cut a trade deal with Japan following weeks of talks, Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer decided to turn up the pressure. When Japanese officials arrived in Washington in late May, Lutnick and Greer warned them that if the two sides couldn’t work out an agreement soon, the conversations might start shifting from easing the tariffs President Trump had recently imposed toward additional punitive measures, according to people familiar with the matter.

President Donald Trump said on Wednesday he has reached a trade deal with Vietnam, just ahead of the 90-day pause on “reciprocal” tariffs ending for more than 90 countries that barter with the U.S., Freight Waves reported. Goods from Vietnam to the U.S. will now face a 20% import tax, instead of the 46% duty rate Trump said he would impose on merchandise from the country during his “Liberation Day” announcement on April 2. Trump paused the reciprocal tariffs on imports from most countries for 90 days on April 9, but kept a 10% baseline import tax in place for almost all U.S.

Turkish steelmaker Sıddık Kardeşler Haddecilik, has been unable to overcome its ongoing financial difficulties and has filed for bankruptcy proceedings, SteelOrbis.com reported. Accordingly, the company and its partners have filed for bankruptcy with the Istanbul Anatolia Second Commercial Court of First Instance, with its debt reportedly amounting to TRY 2.6 billion ($90.32 million). The court granted the company a three-month temporary notice and appointed a temporary bankruptcy commissioner.