Japan shares higher and recover from four-week lows

• Japanese equities are firmer on Wednesday, Nikkei share average had risen 1.68%.
• US Core CPI missed estimates, suggesting that the Federal Reserve could be less hawkish.

Japanese equities are higher on Wednesday and fell in the previous session while the US inflation data released overnight missed expectations on the core Consumer Price Index, adding some relief to the US stock market, if only momentarily. 

Core CPI missed estimates, suggesting that the Federal Reserve might not need to be in such a hurry that the market has been pricing for. Core prices, which exclude food and energy prices, moved up by just 0.3%, below the 0.5% expectations and the smallest increase since September. 

By 0340 GMT, the Nikkei share average had risen 1.68% after hitting a near four-week low on Tuesday. The broader Topixhad climbed 0.77% to 1,880.45. Meanwhile, China's markets are less dented with the relief that lockdowns and easing up in the City of Shanghai.

However, China reported 26,525 new asymptomatic coronavirus cases and 1,513 symptomatic ones on Wednesday. Chinese blue chips lost and Hong Kong fell 0.2%. The trade data was non-impactful though, which showed China's exports rose 13.4% in yuan terms year on year in January-March, while imports increased 7.5%.