Nikkei Rises 1.4% as Weaker Yen Boosts Asia-Pacific Markets

A significantly weaker yen helped Japan's Nikkei gain 1.4%. With a 1.2% increase, MSCI's most comprehensive index of Asia-Pacific stocks outside of Japan reached its highest level since early December.

"There were pretty significant moves like in the euro and European assets. The spectre of war has definitely hung pretty heavy over the region," said Kyle Rodda, a senior analyst at Capital.com.

Hong Kong's Hang Seng index continued its bullish run, rising 2.5% to another four-month high, while Chinese blue chips were up 0.2%.

According to figures released overnight, January saw the largest increase in U.S. consumer prices in almost a year and a half. Excluding food and energy prices, the closely monitored core inflation index increased 0.4% for the month, exceeding estimates of 0.3%.

Investors reduced their expectations of additional policy easing from the Fed this year to only 28 basis points, or one cut, as the Fed has already signaled that it is not in a rush to lower rates further.

As expectations increased for a peace agreement between Russia and Ukraine that would eliminate the sanctions that have hindered supply flows, oil prices continued their overnight fall in commodities markets. After falling 2.7 percent overnight, U.S. crude lost 1 percent to $70.64 per barrel, while Brent sank 2.4 percent overnight to $74.43.