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Sep 13, 2021 1 min, 12 secs

SYDNEY (Reuters) - Asian shares made a poor start on Monday to a week packed with major U.S.

Hopes for fresh stimulus from a new prime minister in Japan saw the Nikkei surge 4.3% last week, and Topix made those 30-year highs on Friday, but vertigo appeared to set on Monday as the Nikkei slipped.

The importance of the CPI was underlined by Philadelphia Fed President Patrick Harker who told the Nikkei he wanted to start tapering this year just in case the spike in inflation proved more than transitory.

Harker favoured scaling the tapering down over an 8 to 12 month period, which is longer than some hawks have touted.

"Global markets are fixated on the timing of tapering of QE by central banks, particularly the Fed," said analysts at ANZ in a note.

"The latest guidance from senior FOMC officials is that tapering is still very much on the agenda this year, but is unlikely to be announced until November.".

Oil prices firmed on Monday supported by growing signs of supply tightness in the United States as a result of Hurricane Ida.

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