In a bowl, whisk together the flour, baking powder, salt, and milk until you have a smooth batter. Set aside.
Heat the oil in a deep fryer or a heavy-bottomed pot to 350°F (180°C).
Dip each apple quarter into the batter, making sure it's well coated.
Carefully place the battered apple quarters into the hot oil and fry until golden brown, about 3-4 minutes. Remove from the oil and drain on a paper towel.
In a small saucepan, combine the sugar and water over medium heat. Cook, without stirring, until the sugar caramelizes and turns a golden brown color.
Carefully stir in the heavy cream and miso paste. Continue stirring until the mixture is smooth and well combined. Remove from heat and let cool slightly.
Serve the deep-fried apple dumplings with the miso caramel dipping sauce on the side. Sprinkle with sesame seeds for garnish.
Enjoy!