Asian Equities Tumble Amid West Asian Tensions

Asian equities took a hit on Tuesday, September 8, as escalating tensions in West Asia pushed oil prices higher and fueled inflation worries.

The MSCI Asia Pacific Index slipped 0.2%, with Japan's Nikkei edging down just 0.018% and the Topix dropping 0.46%. In contrast, South Korea's Kospi climbed 1.13%.

Investors are growing increasingly cautious about further monetary tightening as inflation risks rise. The Japanese yen strengthened to its highest level since February, gaining 0.3% to trade at 153.94 per dollar.

Oil prices held steady on Tuesday after Brent crude briefly breached $98 a barrel in the previous session. West Texas Intermediate rose 1.2% to $92.59 a barrel.