Asian share markets fell on Thursday as investor fears over a looming recession crimped risk appetite, while Treasury yields rose on expectations that the Federal Reserve will remain aggressive in its interest rate hikes.

Japan's imports grew more than 40% for a fifth straight month in September to hit the largest value on record as a slump in the yen aggravated already high fuel import costs, stoking fears of cost-push inflation.

Asian shares were mostly higher on Wednesday, with U.S. corporate earnings aiding sentiment, while traders awaited British inflation readings later in the day for clues on how hawkish central banks need to be to fight inflation.

Oil prices rose on Wednesday, recovering from recent losses as signs of a bigger-than-expected draw in U.S. crude inventories offset concerns over plans by the White House to increase supply in the near-term.

The International Monetary Fund on Tuesday applauded the new British finance minister's decision to scrap most of a proposed debt-financed fiscal package, saying this signaled a commitment to fiscal discipline.

The Federal Reserve may need to push its benchmark policy rate above 4.75% if underlying inflation does not stop rising, Minneapolis Federal Reserve Bank President Neel Kashkari said on Tuesday.