"Market Turmoil: Asian Stocks Slammed by CPI Shock, Wall Street Falls Sharply, Dow Down 500"

Asian stocks tumbled, with Japan's Nikkei retreating from 34-year highs, as U.S. inflation data raised concerns about higher interest rates. Tech-heavy indexes saw steep declines, while Hong Kong's Hang Seng and South Korea's KOSPI also fell. The Nikkei's losses were limited by expectations of a dovish Bank of Japan. Australian stocks slid due to a warning from Commonwealth Bank Of Australia and losses in mining stocks, while broader Asian markets also retreated.