The head of the US Central Bank Jerome Powell said at a hearing in the House of Representatives Financial Services Committee that the US Federal Reserve System (FRS) expects inflation to accelerate this year amid economic recovery. That said, there is no expectation that price pressures will be significant or permanent. Powell also added that the Fed has the tools to tackle too high inflation.
The Japanese Nikkei 225 index dropped by 2.04% by 8:24 Moscow time.
Unitika Ltd. shares (-8.2%), ANA Holdings Inc. (-7.1%), Inpex Corp. (-6.1%) became the leaders in quotations decline.
Asia's largest apparel retailer Fast Retailing Co. lose 4.1%.
The market value of the investment and technology SoftBank Group Corp. decreased by 4.3%. The value of semiconductor company Advantest Corp. fell 0.9%. While consumer electronics maker Sony Corp. lost 2.3%.
The Chinese Shanghai Composite index by 8:32 GMT + 2 dropped by 1.3%, the Hong Kong Hang Seng lost 2%.
The most significant losses during trading on the Hong Kong Stock Exchange are incurred by Geely Automobile Holdings Ltd. (-12.5%), Sunny Optical Technology Group Co. Ltd. (-6.4%), Wharf Real Estate Investment Co. Ltd. (-4.6%).
Internet giant Tencent Holdings is down 1.4%. That being said, consumer electronics manufacturer Xiaomi Corp. lost the value of quotes by 3.5%.
South Korean Kospi index by 8:31 GMT + 2 fell by 0.4%.
Capitalization of one of the world's largest chip manufacturers Samsung Electronics Co. decreased by 0.7%. The price of shares of the automaker Hyundai Motor Co. dropped 2.9%, Kia Motors Corp. fell 1.9%.
Meanwhile, the Australian indicator S & P / ASX 200 gained 0.5% by the end of trading.
The market value of the world's largest mining companies BHP Group and Rio Tinto, respectively, decreased by 0.2% and increased by 1.8%.