Most emerging Asian shares gained on Thursday following positive cues from Wall Street overnight as US consumer price data soothed inflation fears and Treasury yields eased, while regional currencies firmed as the dollar nursed losses.

The South Korean benchmark climbed over 2% after five consecutive sessions of declines, while Taiwan and Singapore added 1.6% and 0.9% respectively.

South Korea's central bank warned that consumer inflation could gain traction at a faster-than-expected pace.

Regional currencies strengthened as the greenback fell after inflation data and a decline in Treasury yields led some investors to trim bets on a rapid rise in inflation.

The South Korean won climbed 0.6%, while the Thai baht gained 0.4%.

The Taiwan dollar, among the best performing currencies in the region this year, added 0.5% even as the country's central bank governor said that the United States may label the island a currency manipulator.

The currency has rapidly appreciated on the back of booming exports and a rebounding economy, and Taiwan's central bank announced on Wednesday a large spike in its currency intervention spending last year.

Bucking regional gains in equities, Philippine shares slid about 1.4%, with industrials and real estate stocks weighing the most.

ING analyst Nicholas Mapa said Philippine stocks remain susceptible to foreign selling, which has been weighing on the market over the past two weeks, as the country records a pickup in COVID-19 infections.

"Going forward, investors will remain skittish as new cases are on the rise while some local governments have reinstated stricter lockdowns in areas with high infections."

Markets in India and Indonesia were closed for holidays.

Investors were also eying a European Central Bank meeting later in the day where policymakers are expected to address rising bond yields.