Asian Shares track Wall Street’s inflation optimism, yen recoups losses

Asian shares tracked a bounce on Wall Street on Tuesday, as investors remained confident that key U.S. economic data due later would show an easing in inflation, while the yen recouped losses as Japan nominated a new central bank governor.

Japan’s currency had weakened on uncertainty surrounding the next governor of the Bank of Japan. The government named academic Kazuo Ueda on Tuesday as its pick for the job, a surprise choice that could improve the odds of an end to its unpopular yield control policy. read more

MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rebounded 0.3%. Japan’s Nikkei (.N225) rose 0.5%.

Chinese shares reversed earlier gains to be down for the day, with blue chips (.CSI300) easing 0.1% and Hong Kong’s Hang Seng Index (.HSI) losing 0.3%.

In some positive news for geopolitics, U.S. Secretary of State Antony Blinken is considering meeting top Chinese diplomat Wang Yi at the Munich Security Conference this week, after the United States shot down what it said was a Chinese spy balloon and other flying objects of unknown origin.

This report’s information was first seen on REUTERS; to read more, click this link.