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Microsoft fell 1.3% to $415.12 as reports surfaced about its troubled African data center expansion. The stock has lagged mega-cap peers all year.

MSFT is the odd one out in the AI rally — 25% off highs while peers flirt with records. Azure growth deceleration and heavy capex spending are eroding the bull case.

$410 support has held since April. Break below exposes $400. Needs a positive Azure growth data point to rejoin the AI rally.

Dollar-yen crept higher to 157.03 despite broad dollar weakness — yen underperformed as risk appetite sent capital out of safe havens.

BoJ's July rate hike expectations are fading after soft Tokyo CPI. The carry trade is back on, capping yen strength even as DXY weakens.

Japan GDP Wednesday 02:50 TRT. Contraction would kill remaining BoJ hike bets and open 158+ quickly.