Asia Stocks Mixed as Investors Await US Inflation Data

Asian stocks were mixed on Wednesday as investors remained cautious ahead of key U.S. inflation data, which could influence expectations for the Federal Reserve's interest-rate path and determine whether the recent easing in yields can continue.

The moves followed a subdued Wall Street session overnight amid elevated Treasury yields, with U.S. stock futures also mixed in Asian trading.

Japanese equities led gains, while South Korean shares were little changed and Chinese markets edged higher. Japan's Nikkei index rose 1.5%, lifted by gains in chip-related stocks and SoftBank Group shares jumping about 6%.

However, Hong Kong's Hang Seng index edged down 0.3%, and South Korea's Kospi fell 0.4%. The yield on the 10-year U.S. Treasury note eased to around 5.56% in Asian trading after hitting 5.6206% on Tuesday, its highest since 2002.

The Federal Reserve's preferred inflation gauge, the PCE price index for August, is due later on Wednesday and is expected to show inflation remaining well above the central bank's 2% annual inflation target.