Federal Reserve Chair Jerome Powell said the US central bank had been served grand jury subpoenas from the Justice Department threatening a criminal indictment, a dramatic escalation of the Trump administration's attacks on the Fed. In a forceful written and video statement released Sunday evening, Powell said the action was related to his June congressional testimony on ongoing renovations of the Fed's headquarters. But he said the move "should be seen in the broader context of the administration's threats and ongoing pressure." For more on the broader market action and the moves in the Asia Pacific, we are joined by Lianting Tu, Bloomberg's Managing Editor for Asia Equities.

Plus - Speculation that Japanese Prime Minister Sanae Takaichi will call for a snap election continues to rise as the leader of a partner in her party's coalition cited a shift to "a new stage." The Yomiuri newspaper reported that Takaichi may call for a vote on Feb. 8 or Feb. 15, citing unidentified government officials, and other Japanese media have published similar reports. We heard from Tobias Harris, Founder and Principal of Japan Foresight. He spoke to Bloomberg's Paul Allen and Avril Hong on the Asia Trade.