Asian Stock Market: Nikkei 225 drops as Japan’s inflation accelerates, oil struggles to defend $77.00

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• Asian indices are bearish after tracking negative cues from S&P500.
• Continuous hawkish commentaries from Fed policymakers are weighing heavily on market sentiment.
• Accelerating Japan’s CPI indicates that the BoJ is well on track to keeping inflation steadily above 2%.

Markets in the Asian domain have witnessed a steep after tracing Thursday’s action from S&P500. US equities fell sharply on Thursday as investor shifts their focus toward a fresh rate hike from the Federal Reserve (Fed). Continuous hawkish commentaries from Fed policymakers are weighing heavily on market sentiment.