Separately in oil markets, a private survey of US crude inventories pointed to a substantially larger build than expected. The Korea Exchange later activated a sidecar mechanism on the Kospi after KOSPI 200 futures rose 5%. In fixed income, Japan's two year government bond yield advanced 2 basis points to 1.63%, its highest level since May 1995. Elsewhere, North Korea launched a short range ballistic missile toward the Sea of Japan, the second such test this week. In currency markets, major pairs traded in narrow ranges, with the US dollar showing modest strength ahead of the CPI report due at 8.30am US Eastern time.