Asian share markets followed Wall Street lower on Monday while the dollar looked vulnerable ahead of a reading on U.S. inflation that could hasten, or delay, the start of global rate cuts. The yen edged higher as data released on Monday showed Japan was not, in fact, in recession after economic growth was revised up to an annualised 0.4% for the December quarter.
Reuters reported a growing number of Bank of Japan policymakers are warming to the idea of ending negative rates this month on expectations of hefty pay hikes in this year's annual wage negotiations. Tuesday's U.S. consumer price index (CPI) report for February is forecast to rise 0.4% for the month and keep the annual pace steady at 3.1%. Core inflation is seen rising 0.3%, which will nudge the annual pace down to the lowest since early 2021 at 3.7%. The slower core would complement the softer conditions seen in the February payrolls report, where unemployment hit a two-year high of 3.9%, and would keep the Federal Reserve on track to cut rates in the next few month
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