Asia markets rise after Wall Street soars on soft inflation data; Japan GDP shrinks

This is CNBC's live blog covering Asia-Pacific markets.

Asia-Pacific markets rose Thursday after Wall Street benchmarks closed at record highs overnight on soft inflation data, while investors assessed Japan GDP data.

U.S. consumer price index rose 0.3% in April, below the 0.4% rise predicted by the Dow Jones. U.S. CPI climbed 3.4% year over year, in line with market estimates.

Japan's first-quarter GDP contracted at an annualized rate of 2%, more than the 1.5% expected in a Reuters poll. The latest data could likely jeopardize the Bank of Japan's plans to raise interest rates.

Japan's Nikkei 225 gained 1.39% to end at 38,920.26, while the broader Topix closed 0.24% higher at 2,737.54.

Hong Kong's Hang Seng index reopened after a holiday to rise 0.18%. Mainland China's CSI 300 index gained 0.71%.

South Korea's markets also resumed trading after a holiday, with the Kospi rising 0.75% and the smaller-cap Kosdaq adding 0.8%.

In Australia, the S&P/ASX 200 index gained 1.65% to close at 7,881.30.

Overnight, Wall Street's main indexes closed at record highs on Wednesday after data showed CPI rose at a slower-than-expected pace in April.

The Dow Jones Industrial Average rose 349.89 points, or 0.88%, while the S&P 500 gained 1.17%. The Nasdaq Composite climbed 1.40%.

— CNBC's Lisa Kailai Han and Samantha Subin contributed to this report.

Taiwan Semiconductor Manufacturing Company said there was no damage to its facilities at its Arizona factory construction site, according to Reuters, following a report of an explosion at the plant.

A worker at TSMC's Arizona plant was taken to a hospital with serious injuries following an explosion, the Arizona Republic reported earlier, citing authorities.

The Arizona Republic reported that