Most Asian stocks moved in a tight range on Tuesday as investors shied away from big bets before a string of key inflation readings this week, while a U.S. market holiday also made for few trading cues.
Japanese corporate services prices in April rose at their fastest pace since early 2015, Bank of Japan data showed on Tuesday, boosted by labour costs in the services sector in a positive signal for policymakers looking for wages-led cycle of demand growth.
Japan's government upgraded its assessment of factory output for the first time in a year, saying in its monthly economic report that it showed signs of picking up and signalling production may have bottomed out.
Oil prices were steady in early Asian trading on Tuesday as investors awaited inflation data to assess future U.S. monetary policy and the production policy decisions from the OPEC+ meeting on June 2.
The dollar waned on Tuesday following a slight pick up in risk appetite, but it held tight ranges against its peers ahead of key inflation data from major economies this week that markets are looking to for guidance on the global interest rate outlook.
Asian shares edged higher on Monday as investors braced for a busy week of data which culminates in a key U.S. inflation report that could set the stage for a cut in interest rates there, albeit not for a few months yet.