Asian equities are poised for modest upside as the yen steadies amid shifting market expectations. The backdrop: cooler-than-expected inflation readings are reinforcing trader bets that the Fed will hold rates steady through the middle of the year, shifting sentiment away from aggressive cutting cycles.

Here's what's moving: S&P 500 futures trading near flat, while the Hang Seng nudges up 0.2% and Australia's benchmark ASX 200 mirrors the move with the same gain. Crude oil remains stuck in neutral territory. The narrative is straightforward—macro data trumps short-term volatility. When inflation proves stickier than feared, central banks reassess, and markets recalibrate. For traders watching crypto markets, this matters: softer growth expectations combined with steady rate policy create a different liquidity environment than aggressive easing would. The yen's stability is key too, especially for carry trades and cross-currency flows that ripple through risk assets.