Asian markets settled lower on Thursday tracking Wall Steet’s fall overnight as rising oil prices following attacks on key energy infrastructure in the Middle East rekindled inflation concerns. Hotter-than-expected US producer prices and the US Fed's higher inflation projections have significantly diminished market expectations for near-term interest rate cuts. Japanese shares declined after the Bank of Japan kept its policy rate unchanged at 0.75%, as widely expected. Although, Bank of Japan policy board member Hajime Takata has repeatedly called for interest rate hikes to prevent an inflation overshoot. However, China is considering releasing its significant strategic oil reserves to ease the impact of Middle East disruptions, with refiners expected to process up to 1 million barrels per day over the next 4 to 6 weeks. Indonesian market was closed for Hindu Saka New Year holidays and will resume on March 25.