Asia markets rise after Wall Street soars on soft inflation data; Japan GDP shrinks

Asia-Pacific markets experienced a rise following Wall Street's surge due to softer-than-expected inflation data. U.S. consumer price index in April increased by only 0.3%, below the anticipated 0.4%. Meanwhile, Japan's GDP contracted by 2% annually in the first quarter, exceeding the expected 1.5% contraction, posing potential challenges for the Bank of Japan's interest rate plans.

In other news, Tencent's shares jumped 4.5% after reporting a significant profit increase, marking its fastest growth in three years. On the contrary, Japan's economic downturn was more severe than anticipated, which could impact the Bank of Japan's monetary policy decisions. Additionally, Chinese property stocks saw an increase after reports that the government might purchase unsold homes to support the struggling real estate sector.