Asian stock markets ended mixed on Wednesday after a strong performance on Wall Street, as investors weighed gains in technology shares against concerns over rising oil prices and inflation.
Japan's Nikkei 225 slipped 0.2% to close at 66,115.60. Government data showed both imports and exports increased compared with a year earlier, helped by the weaker yen, which boosted the value of trade when converted from US dollars.
Australia's S&P/ASX 200 rose 0.3% to 8,823.00, while South Korea's Kospi gained 0.7% to 6,797.70. Hong Kong's Hang Seng Index fell 1.1% to 24,866.67, and China's Shanghai Composite edged down by less than 0.1% to 3,861.82.
Wall Street closed higher overnight, driven by renewed buying of technology stocks linked to artificial intelligence (AI). The S&P 500 gained 0.9%, the Dow Jones Industrial Average rose 385 points, or 0.7%, and the Nasdaq Composite advanced 1.3%.
AI-related shares rebounded for a second straight session after suffering heavy losses last week amid concerns that their prices had risen too quickly.
Micron Technology jumped 12.2%, building on the previous day's gains after a sharp decline last week. Nvidia also rose 2%, with both companies among the biggest contributors to the S&P 500's advance.
However, higher oil prices continued to worry investors as tensions between the United States and Iran persisted.
In early Wednesday trading, US benchmark crude oil rose $1.67 to $86.01 a barrel, while Brent crude, the international benchmark, climbed $1.84 to $92.85 a barrel.
Stephen Innes, a market analyst and former trader, said higher oil prices pose a particular challenge for Japan, which relies heavily on imported energy.
"A weaker yen and rising crude oil prices are putting extra pressure on the Japanese economy at the same time," he said.
In currency trading, the US dollar was little changed at 163.13 Japanese yen, while the euro strengthened slightly to $1.1409.
Analysts say rising oil prices could push inflation higher again after recent signs of easing. That may prompt the US Federal Reserve and other central banks to keep interest rates higher for longer or raise them further, a move that could slow economic growth and weigh on global stock markets.