Japanese equities opened lower on Monday amid renewed concerns over global trade tensions, with the Nikkei 225 dropping 546.1 points or 1% to open at 53,390.05.

This followed U.S. President Donald Trump's proposal for new tariffs on eight European nations, starting at 10% in February, as the U.S. leader threatens to take control of Greenland.

At home, investor attention shifts to the upcoming Bank of Japan policy meeting, which creates potential for significant yen volatility.

In a recent survey by Bloomberg News, economists anticipate rates will remain unchanged at 0.75% at the BoJ's upcoming Jan. 22-23 meeting.