<h1>Federal Reserve rate uncertainty impacts Asian markets; Japan raises inflation forecasts after US trade deal</h1> Asian financial markets showed mixed reactions following a decline in US stocks amid uncertainty over a potential Federal Reserve interest rate cut in September. Japan maintained its interest rate at 0.5% and increased inflation forecasts after a trade agreement with the US. South Korea finalized a tariff deal with the US, eliminating levies on certain American goods and committing to significant US energy imports and investments. The US imposed a 25% tariff on imports from India, effective August 1, linked to India's Russian oil purchases, while negotiations continue. Concerns arose that US trade deals with other countries could disadvantage Australian exports. The Federal Reserve held rates steady, with dissent from some members advocating cuts, but the Chair emphasized inflation and employment targets. Market movements included slight declines in crude oil prices and fluctuations in currency exchange rates.