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This is the first rise in core inflation since March, and was in line with the1.6% growth expected by economists polled by Reuters.

Asian stocks rallied on Wednesday as investors returned to semiconductor shares after a bruising sell-off, taking their cue from a Wall Street rebound even as Brent crude pushed further above $91 a barrel. MSCI's Asia-Pacific gauge outside Japan gained 1.2%, while South Korea's Kospi surged more than 6% and Japan's Nikkei 225 climbed 1.9%.

Japan's imports jumped to a record high in June, government data showed on Wednesday, as a weak ‌yen and soaring oil prices drove up import costs and inflation, leaving the central bank in a policy bind.

The Nikkei 225 Index continued its freefall as technology companies like Softbank, Tokyo Electron, Kioxia, and Advantest plunged ahead of the upcoming big-tech earnings. It plunged by over 4%, reaching its lowest level since June 11.

A large and powerful typhoon approached a remote chain of islands ​in Japan's southwest on Friday, prompting authorities to ‌warn of violent winds, torrential rain, landslides and flooding in what could be the region's most destructive storm in years.