Asian markets settle higher on Wednesday

Asian markets settled higher on Wednesday supported by declining crude oil prices following hopes of a de-escalation in Middle East tensions. Reports indicated that the US was pursuing talks with Iran, including a proposed one-month ceasefire to support negotiations and a 15-point plan to resolve the conflict. This improved sentiment persisted even after President Donald Trump ordered the deployment of about 2,000 soldiers to the region as the administration sought to reduce Iran's control over the Strait of Hormuz. Japanese shares gained despite Wall Street’s fall overnight. This rally followed the release of the Bank of Japan's January meeting minutes, which revealed a strong inclination among policymakers toward further interest rate hikes.