HONG KONG, April 11 — Most markets edged down today after forecast-topping US inflation dealt a blow to hopes for a June interest rate cut and forced traders to re-evaluate the outlook for monetary policy, with a warning that the next move could even be a hike.

The losses tracked a sell-off on Wall Street and saw the dollar strike a 34-year high against the yen, fuelling speculation Japanese authorities will step in to support their beleaguered currency.