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.
"The bottom line for us is two-fold. First, inflation is coming down, but it will not be a smooth decline. A return to target for inflation was never very likely this year, so patience is required regardless," said Seth Carpenter, chief global economist at Morgan Stanley.
Treasuries were largely steady, with the yield on benchmark 10-year government bonds mostly unchanged at 3.7073%. In currency markets, the dollar remained subdued ahead of the inflation data, after suffering a 0.3% loss against its major peers last session.Japan's 10-year bond yields hovered at 0.5% - hitting the upper limit of a range enforced by the Bank of Japan - as investors bet the yield control policy would wound up eventually under the new governor.
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