Asian Markets Plunge as Inflation Fears Revive Rate-Hike Bets; Kospi Triggers Circuit Breaker

The circuit breaker on the Kospi is the tell here: this is a mechanical, forced-deleveraging move rather than a gradual repricing, and it lands hardest on the most rate-sensitive, high-beta corners — Hang Seng Tech and Lenovo's double-digit drop, plus the broad A-share decline. The trigger is a rates narrative, not a crypto or RWA-specific one, which means digital-asset and tokenized markets are being pulled along by macro risk appetite rather than their own fundamentals. Whether the inflation data flow that revived hike bets continues to harden is the open question, and it will likely set the tone for risk assets across the board.