Jan 15 (Reuters) - A look at the day ahead in Asian

markets.

A pause in the global bond selloff took some wind out of the

dollar's sails and allowed equities to regain their footing

early on Tuesday but Wall Street's wobble ahead of U.S.

inflation data could put Asian markets back on the defensive on

Wednesday.

The dollar and Treasury yields losing steam should offer

emerging and Asian markets some welcome respite. But the

reversal in U.S. stocks could ensure it is short-lived,

especially with U.S. CPI inflation numbers landing after Asia

has closed.

Asian markets were buoyant on Tuesday. The MSCI Asia

ex-Japan index rebounded from a five-month low and blue chip

Chinese stocks leaped more than 2.5%, as regulators pledged more

support for markets and local chip firms rallied after the U.S.

stepped up its tech curbs.

Japanese stocks went the other way, however, after Bank of

Japan Deputy Governor Ryozo Himino flagged the chance of a rate

hike next week. The Nikkei 225 index chalked up its biggest fall

in two and a half months, slumping 1.8%.

That's the regional local backdrop to the open on Wednesday,

where the main local event will be Bank Indonesia's policy

decision. Spooked by recent currency volatility, BI is widely

expected to keep its main interest rate on hold at 6.00%.

With inflation at the lower end of the central bank's target

range of 1.5%-3.5%, monetary policy is being directed towards

stabilizing the rupiah, which is down around 7% against the

dollar from its September peak.

Like most emerging countries, Indonesia has been hit hard by

spiking U.S. bond yields and the dollar "wrecking ball", a

tightening of financial conditions that is restricting BI's

ability to ease policy.

According to Goldman Sachs ( GS ), Indonesia's financial conditions

have deteriorated sharply since late September, mainly due to

the rise in long rates and decline in equities. They are now the

tightest since October 2023, and close to the tightest since

October 2022.

The threat of a global trade war and punitive U.S. tariffs

on many countries - especially China - continues to weigh on

market sentiment as U.S. president-elect Donald Trump's Jan. 20

inauguration draws closer.

Meeting with European Council President Antonio Costa on

Tuesday, Chinese President Xi Jinping said China and the

European Union have a robust "symbiotic" economic relationship

and Beijing hopes the bloc can become "a trustworthy partner for

cooperation".

Meanwhile, Trump said on Tuesday he will create a new

department called the External Revenue Service "to collect

tariffs, duties, and all revenue" from foreign sources.

South Korea's won is one of the best-performing Asian

currencies this year, but could fall on Wednesday after Yonhap

reported that authorities investigating impeached President Yoon

Suk Yeol were at his official residence to execute an arrest

warrant.

Here are key developments that could provide more direction

to markets on Wednesday:

- Indonesia interest rate decision

- South Korea unemployment (December)

- Japan services tankan survey (January)