Asian indexes put in mixed performances on Wednesday following the rally on Wall Street overnight while the dollar lost ground following comments from President Donald Trump.
Japan's Nikkei 225 (CBOE: .NKXQ) rose 0.26 percent, or 50.80 points, to close at 19,434.64, ending a five-day losing streak.
Across the Korean strait, the Kospi (Korea Stock Exchange: .KS11) inched up by 0.05 percent, or 1.07 points, to close at mostly flat at 2,366.4.
Down Under, the S&P/ASX 200 (ASX: .AXJO) gave up gains made earlier in the session. The index slid 0.22 percent, or 12.924 points, to end at 5,737.200 as a rise in the energy sub-index was offset by losses in the utilities and information technology sub-indexes.
Mainland China markets also edged down. The Shanghai Composite (Shanghai Stock Exchange: .SSEC) slipped 0.08 percent, or 2.5461 points, to close at 3,287.6796, while the Shenzhen Composite declined 0.331 percent, or 6.3243 points, to 1,901.9955.
Meanwhile, trade for Hong Kong markets was cancelled as tropical cyclone Hato approached, the Hong Kong Exchange said in a news release. A number 10 typhoon signal — the most severe in the Hong Kong warning system — was issued by the Hong Kong Observatory at 9:10 a.m. HK/SIN.
The dollar fell against the yen after Trump on Wednesday warned of a government shutdown if he didn't get to build a proposed border wall with Mexico.
Trump's comments sent the safe-haven yen higher, with the dollar fetching as little as 109.34 yen, compared with as high as 109.82 yen prior to Trump's remarks. The dollar/yen was at 109.38 at 3:10 p.m. HK/SIN.
Meanwhile, spot gold bumped higher, rising as high as $1,287.09 an ounce after the remarks from as low as $1,282.94 earlier. The yellow metal last traded at $1,286.99.
The dollar index (New York Board of Trade (Futures): =USD) slipped as low as 93.468 on the headlines after climbing against a basket of currencies earlier in the session. The dollar index recovered some ground to last stand at 93.541.
The move higher overnight on Wall Street was attributed to talk that the Trump administration was moving ahead with its tax reform policy proposals . Trump aides and congressional leaders were reportedly in broad agreement over how corporate and individual tax rates could be reduced, according to a Politico report.
Stateside, stocks ended the session higher as investors anticipated progress on tax reform, with the Dow Jones industrial average rising 0.90 percent, or 196.14 points, to close at 21,899.89.
"This is in essence a shrug (of relief) rather than a bona fide surge in risk appetite," said Mizuho Bank Head of Economics and Strategy Vishnu Varathan in a note.