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|Asian stocks began Wednesday mixed after initial gains for Japanese shares fell back. (Photo: AFP/Martin Bureau)|
Tokyo edged up, ending a four-day losing run on bargain buying despite the higher yen's dampening impact.
"After four days of falling ... Japanese shares are in a good place for bargain-hunting buys," Yoshihiro Ito, chief strategist at Okasan Online Securities, said in a commentary.
Hong Kong added 0.1 per cent while Shanghai closed 0.2 per cent higher, both moving back into positive territory for a second day after Monday's sell-off.
There were also gains in Mumbai, with markets leaping 1.5 per cent after closing at a six-month low on Tuesday, and aviation stocks seeing a boost after domestic media reports that New Delhi may reduce a jet fuel tax.
"(Indian) markets will continue to be volatile in the coming days and will offer great long-term buying opportunities," Soumen Chatterjee, head of research at Guiness Securities, told Bloomberg News.
There were gains in other Asian markets, with Taiwan up 0.1 per cent, Sydney adding 0.1 per cent and Bangkok rising 1.1 per cent.
EYES ON CHINA
But global markets remained cautious on several fronts.
US and European markets meandered on Tuesday, with investors nervous after 10-year US Treasury bond yields surged above 3.0 per cent and the IMF sounded a cautious note on the global economy.
On Wall Street, the Dow closed down 0.2 per cent at 26,430.57 with US shares facing another day of pressure over higher interest rates.
"Markets continued their tenuous voyage through a pothole-encumbered landscape, dealing with the fragile US-China relations ... and Brexit developments providing more ambiguity," said Stephen Innes, head of Asia-Pacific trading at OANDA.
"It's no wonder investors have a high level of misgivings."
Eyes were fixed on the Chinese yuan amid a backdrop of deepening US-China tensions and a weak yuan, following steps this week from authorities to spur lending in the economy.
Last week the yuan hit a 19-month low, with growing fears the currency was sliding towards the psychological milestone of 7 per dollar - a level not seen since the global financial crisis.
Traders are also waiting for the latest data around new lending and money supply, which will be closely watched as Beijing strives to support flagging growth.
Shares in Chinese internet giant Tencent were down for the ninth straight day, dropping more than 2.6 per cent on the back of rumours about a gaming regulatory crackdown - costing the company its place as one of the world's 10 biggest companies.
In London, the FSTE 100 dipped 0.2 per cent in early trade to its lowest in six months.
- Key figures around 0830 GMT -
Hong Kong - Hang Seng: UP 0.1 per cent at 26,193.07 (close)
Shanghai - Composite: UP 0.2 per cent at 2,725.84 (close)
Tokyo - Nikkei 225: UP 0.2 per cent at 23,506.04 (close)
London - FTSE 100: DOWN 0.2 per cent at 7,223.31
Euro/dollar: DOWN at US$1.1493 from US$1.1494 at 2100 GMT on Tuesday
Pound/dollar: UP at US$1.3161 from US$1.3144
Dollar/yen: UP at ¥113.15 from ¥112.95
Oil - West Texas Intermediate: DOWN 21 cents at US$74.73 per barrel
Oil - Brent Crude: DOWN 26 cents at US$84.74 per barrel
New York - Dow Jones: DOWN 0.2 per cent at 26,430.57 (close)