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Asian shares fell on Monday, tracking falls on Wall Street after latest data pointed to a surge in US inflation. MOREINFO: Asian share markets extended declines on Monday, as rising US inflation and high oil prices raised concerns the US Federal Reserve may be unable to make deeper rate cuts, in order to prevent a possible recession in the world's largest economy. SCRIPT: Asian shares fell on Monday, tracking falls on Wall Street after fresh data pointed to a surge in US inflation, reducing hopes for further rate cuts by the Federal Reserve. Japan's Nikkei ended lower for a fourth straight session, with financial stocks amongst the hardest hit. The Bank of Japan's quarterly Tankan survey released on Friday showed business sentiment among big manufacturers sank to a two-year low amid rising material costs and fears of a US recession. Japanese exporters benefited from gains for the US dollar which hit a two-month high against a basket of currencies. China's main stock index fell on fears of further tightening measures by the central bank in order to curb credit growth in the fast growing economy. Oil prices meanwhile rose for the first time in three days, as a US winter storm boosted demand for heating fuel. Investors are looking ahead to housing data and earnings from top tier Wall Street investment banks, due later this week. Nina Mehra reporting for Reuters.