Asian markets fell on Friday, mirroring a sell-off on Wall Street triggered by a series of robust US economic data that heightened concerns the Federal Reserve will delay interest rate cuts this year.

After weeks of rallying, equities have seen a downturn in recent days due to profit-taking and central bank officials pushing back against expectations for an early rate reduction.

Confidence took another hit on Thursday when a key services sector gauge showed its fastest growth in a year, and the factory sector also surpassed forecasts. Additionally, fewer-than-expected unemployment claims suggested a tight labor market.

These readings indicate the US economy remains strong, dampening the optimism sparked by last week's news that the consumer price index slowed in April after three months of exceeding expectations.

"The data erase some of the cooling signals in recent outcomes and contrast the month-long run of broader US data tending to surprise on the soft side," said Taylor Nugent of National Australia Bank.

The figures followed minutes from the Fed's May policy decision, showing officials intend to keep borrowing costs high until confident that inflation is under control, with some even open to further hikes.

FHN Financial's Chris Low noted, "The minutes are a reminder that while the Fed does not see another rate hike as likely—and certainly does not see it as a base-case—it will not rule out hikes if inflation does not behave."

All three major indexes in New York closed in the red, and Asia followed suit.

Hong Kong fell for the fourth consecutive day after hitting a nine-month high earlier in the week, with losses also recorded in Tokyo, Shanghai, Seoul, Singapore, Sydney, Wellington, Taipei, and Manila.

The prospect of interest rates remaining at two-decade highs throughout most of the year has bolstered the dollar.

Investors are closely monitoring the yen after Japanese officials recently intervened in forex markets when it hit a 34-year low against the dollar.

The yen was further pressured by data showing inflation eased last month, sparking speculation about when Japan's central bank might raise interest rates again, having hiked in March for the first time in 17 years.

Kristina Clifton of Commonwealth Bank of Australia commented, "The slowdown in prices will not deter financial markets from speculating on further Bank of Japan policy tightening," but added, "at this stage, we expect the BoJ to wait until around October before increasing interest rates again."

Key figures around 0230 GMT:

Tokyo - Nikkei 225: DOWN 1.2 percent at 38,649.15 (break)

Hong Kong - Hang Seng Index: DOWN 1.1 percent at 18,662.59

Shanghai - Composite: DOWN 0.1 percent at 3,114.54

Dollar/yen: UP at 157.14 yen from 156.93 yen on Wednesday

Euro/dollar: DOWN at $1.0809 from $1.0815

Pound/dollar: DOWN at $1.2693 from $1.2696

Euro/pound: UP at 85.18 from 85.16 pence

West Texas Intermediate: UP 0.1 percent at $76.92 per barrel

Brent North Sea Crude: UP 0.1 percent at $81.40 per barrel

New York - Dow: DOWN 1.5 percent at 39,065.26 (close)

London - FTSE 100: DOWN 0.4 percent at 8,339.23 (close)

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