Disappointing economic activity data from China rekindled concerns about the world's second-largest economy, leading to a decline in Asian equities. Additionally, the yen weakened beyond 150 per dollar following adjustments to the Bank of Japan's bond yield control policy.

MSCI's most comprehensive index of Asia-Pacific shares, excluding Japan, experienced a 0.86% decline, remaining near the one-year low it reached the previous week. The index has fallen by 4% in October and is on track for its third consecutive month in negative territory, as reported by Reuters.

The yen depreciated by 0.8% against the dollar, touching a session low of 150.25, after the central bank indicated that the 1% ceiling on benchmark 10-year yields would serve as an upper limit rather than an inflexible cap. The Bank of Japan maintained its 0% target for yields as part of its yield curve control (YCC) policy.

Facing criticism that its strict defense of the yield cap is causing market distortions and an undesirable depreciation of the yen, the BOJ had raised the de facto ceiling for yields to 1.0% from 0.5% in July