Japan's economy grew much faster than expected in April-June, as brisk auto exports and tourist arrivals helped offset the drag from a slowing post-COVID consumer recovery, although global recession prospects cloud the outlook.

China's central bank unexpectedly cut key policy rates for the second time in three months on Tuesday, in a fresh sign that the authorities are ramping up monetary easing efforts to boost a sputtering economic recovery.

China's July industrial output and retail sales growth slowed and undershot forecasts, adding to a raft of recent weak data, suggesting policymakers may need to step up support measures to shore up a faltering economy.

Pessimists watching the Federal Reserve battle inflation have focused on the so-called "last-mile" problem, convinced a full return to the U.S. central bank's 2% inflation target will require a recession and significant job losses to cool ongoing price rises.

Treasury Secretary Janet Yellen made a robust pitch in the swing state of Nevada on Monday that President Joe Biden's policies are powering historic job growth and rebuilding competitiveness, despite polls showing Americans remain skeptical.

Asian stockmarkets were pinned near one-month lows on Tuesday as China cut short-term loan rates and reverse repo rates, with investors awaiting shopping and industrial output data for more news on the slowing of the world's second-biggest economy.