Asia Markets Live Updates: US Inflation, BOJ Yen

Bank of Japan headquarters in Tokyo.

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Most Asia-Pacific markets fell on Wednesday, except for Hong Kong, following warmer-than-expected US inflation data.

The US Consumer Price Index rose 3.1% on a 12-month basis and 0.3% for the month. According to polls conducted by Dow Jones, the CPI is expected to increase 0.2% in January and 2.9% on an annual basis.

Core prices, excluding volatile food and energy components, rose 0.4% for the month and 3.9% from a year ago. Core CPI was expected to increase by 0.3% in January and 3.7% from a year earlier, respectively.

Hong Kong's Hang Seng Index reversed gains and losses of 0.96%, sparking widespread declines as the city returned to trading after the Lunar New Year holiday. Mainland Chinese markets are closed for the week.

of Japan Nikki 225 Pulling back from a 34-year high, it fell 0.69% to end at 37,703.32, while the Topix saw a big loss of 1.05% to end at 2,584.59.

The Nikkei rallied about 3% to briefly breach the 38,000 mark on Tuesday. It last reached that level in 1990.

Japan's top currency diplomat Masato Kanda said “recent moves in the foreign exchange market have been brisk” regarding the yen, and officials were watching them with a “sense of urgency,” according to Reuters.

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Overnight in the US, warmer-than-expected inflation data saw all three major indexes lose ground. Dow Jones Industrial Average It fell 1.35%, marking its worst session since March 2023 on a percentage basis.

The S&P 500 Down 1.37% Nasdaq Composite It fell 1.8% to 15,655.60.

— CNBC's Lisa Kailai Hahn and Brian Evans contributed to this report

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