Asian Markets Plunge as High Oil Prices Fuel Inflation Worries

The Asian markets are under pressure on Thursday, weighed down by stubbornly high crude oil prices. Japan's Nikkei 225 index fell over 1%, while the TOPIX dropped 1.50%. South Korea's KOSPI has had a volatile start to the day, trading in the red.

In alignment with Treasury securities, Asian bond markets declined as heightened crude oil prices rekindled concerns about inflation and reinforced expectations for additional interest rate increases by the Federal Reserve.

India's pre-market indicator, the GIFT Nifty (Nifty Futures), suggests a muted start to the day after the Nifty fell over 350 points in the previous session. Bloomberg reported that sovereign debt securities declined in New Zealand, with similar downward movements expected in Japan and South Korea.