data replication in dependent microservices and cache accordingly in each microservice to reduce latency

Is this approach better to replicate common data in each microsevice database schema using event driven architecture to reduce service calls and along with cache this data in every microservice to reduce database call.

If we use share cache strtegy for common data How should we access cache key correspondent to common data in dependent microservices.

Can anyone suggests other approaches to making it more efficient in terms of having priority for latency and fault tolerance.

Any suggestion or article link to lookout for better view points also be appreciated.