Asia markets take a breather as South Korea beats first-quarter GDP expectations

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

Asia-Pacific markets took a breather after two straight days of rallies, mirroring moves on Wall Street ahead of first-quarter gross domestic product figures from the U.S. due Thursday.

In Asia, investors will assess South Korea's advance first-quarter GDP growth of 3.4% year on year, the highest quarterly growth since the fourth quarter of 2021.

Separately, the Bank of Japan kicks off its monetary policy meeting Thursday as investors monitor for action against yen weakness. The yen slid past the 155 mark against the U.S. dollar on Wednesday, hitting a fresh 34-year low.

Japan's Nikkei 225 dropped 1.2%, while the Topix was down 0.65%. The yen was still firmly beyond the 155 mark against the greenback, trading at 155.26.

South Korea's Kospi also slipped 1%, while the small cap Kosdaq was down marginally.

Futures for Hong Kong's Hang Seng index stood at 17,185, pointing to a weaker open compared to the HSI's close of 17,201.27.

Markets in Australia and New Zealand are closed for a public holiday.

Overnight in the U.S., all three major indexes were largely range bound as interest rate fears dampened the enthusiasm stemming from a strong slate of corporate earnings.

Treasury yields rose, pressuring stocks. At session highs, the benchmark 10-year Treasury note yield topped 4.67%, while the rate on the 2-year note surpassed 4.95%

The S&P 500 eked out a 0.02% gain, while the Dow Jones Industrial Average fell 0.11%. The Nasdaq Composite edged 0.1% higher.

— CNBC's Brian Evans and Alex Harring contributed to this report.

South Korea posted GDP growth of 3.4% in the first quarter, beating the 2.4% expected by economists polled by Reuters and marking its highest quarterly growth since