Morning Brief: Shenzhen, ChiNext Fall Over 2%; BOJ Set to Hike

The synchronized drop across mainland and Hong Kong tech names points to risk-off positioning rather than a single-sector story, with breadth — nearly 5,200 decliners — suggesting the selling is broad, not concentrated. A BOJ hike would tighten the yen funding channel that has quietly underpinned carry-driven appetite for Asian risk assets, so the read-across to crypto and RWA markets is a liquidity question, not a sentiment one. Whether the mainland indices stabilise into the close, and how the BOJ's actual decision is communicated next week, are the two things worth watching.