* Most Asian currencies flat, equities edge higher
* Thai baht hits lowest level in nearly a month
* US CPI, Fed policy meeting in focus

By John Biju
       Dec 12 (Reuters) - Most emerging Asian equities eked out
small gains on Tuesday and currencies treaded water, as
investors exercised caution while waiting for key inflation data
from the U.S. and India ahead of a Federal Reserve policy
meeting.
    Equities in South Korea, Singapore and
Indonesia gained between 0.2% and 0.4%. 
    "Most of the currencies, asset classes are in consolidation
mode ahead of some of these key events data releases,"
Christopher Wong, FX strategist at OCBC said. 
    "We have come to a point that market is just not doing too
much, staying sidelines and just deciding after the data what
comes after next."
    The closely-watched U.S. Labor Department's Consumer Price
Index (CPI) report due later on Tuesday is expected to show
inflation still cooling but staying well above the Fed's 2%
annual target, with core CPI expected to come in at 4%.
    Meanwhile, the U.S. Federal Reserve is widely expected to
announce a hold in rates on Wednesday and to keep interest rates
unchanged until at least July, later than earlier thought. 
    Wong said rate cuts from the Fed would be positive for Asian
currencies but the extent of how much they could appreciate into
next year would depend on how Asian economies fared, in
particular China.
    The Indian rupee was largely flat, while stocks
 added a marginal 0.2% ahead of the country's inflation
data, which will play a crucial role in determining the
trajectory of future monetary policy.
    The Reserve Bank of India held rates steady last week, but
flagged the outlook for inflation remained uncertain.
    Thailand's baht (THB) retreated 0.8% to hit its
lowest level since Nov. 16. 
    "THB is playing catch-up with the consolidation in the EM
(emerging markets) Asia FX after yesterday's bank holiday, which
comes on the heels of the stronger-than-envisaged U.S. payrolls
last week," Nicholas Chia, macro strategist at Standard
Chartered said.  
    Monetary policy decisions from central banks in the
Philippines and Taiwan are also on investors' radar this week. 
    The Bangko Sentral ng Pilipinas (BSP) is expected to leave
interest rates unchanged for a second month on Thursday due to
cooling inflation, according to a Reuters poll. 
    Taiwan's central bank is also expected to leave its policy
rate unchanged on Thursday. 
    
    HIGHLIGHTS:    
    ** Malaysia PM names pension fund CEO as second finance
minister in major reshuffle
    ** Japan Nov wholesale inflation slows sharply as cost
pressures ease
    ** China's leaders meet to discuss growth targets for 2024,
say sources 
    
  Asia stock indexes and                               
 currencies at 0422 GMT                           
 COUNTRY  FX RIC        FX     FX   INDEX  STOCK  STOCK
                     DAILY  YTD %              S  S YTD
                         %                 DAILY      %
                                               %  
 Japan               +0.39  -9.95  <.N225  0.34   26.09
                                   >              
 China                           >              
 India               +0.03  -0.78  <.NSEI   0.17  16.17
                                   >              
 Indones             -0.12  -0.40  <.JKSE   0.20   3.68
 ia                                >              
 Malaysi             -0.04  -6.02  <.KLSE  -0.09  -3.37
 a                                 >              
 Philipp             -0.13  +0.16           0.15  -5.01
 ines                                             
 S.Korea             +0.00  -4.20  <.KS11   0.28  13.24
                                   >              
 Singapo             +0.10  -0.18           0.42  -4.56
 re                                               
 Taiwan              +0.08  -2.47  <.TWII   0.15  23.39
                                   >              
 Thailan             -0.77  -2.89  <.SETI  -0.61  -17.7
 d                                 >                  5
 
    
 (Reporting by John Biju in Bengaluru; Editing by Jamie Freed)