Asian shares were mixed on Tuesday after a rally on Wall Street, where easing oil prices helped calm inflation worries. Investors in the region were also assessing the impact of last week’s joint US-Japan currency intervention.

Japan’s benchmark Nikkei 225 slipped 0.3 per cent to 63,585.58, as the US dollar edged up to 157.51 Japanese yen from 157.18 yen. The euro was at USD 1.1511, little changed from USD 1.1514. The dollar had been trading at 160-yen levels before regulators stepped in to lift the Japanese currency after it fell to nearly 40-year lows.

Some analysts said the effectiveness of such intervention remains uncertain because it does not address the underlying economic reasons behind currency swings. “A US-backed operation carries far more signalling weight than Tokyo acting alone, and the pledge of further action will give speculators pause. But any US contribution will probably be constrained by size,” a report by BMI, a unit of Fitch Solutions, said.

Elsewhere in Asia, South Korea’s Kospi fell 1.3 per cent to 6,174.72. Australia’s S&P/ASX 200 rose 1.2 per cent to 9,129.00. Hong Kong’s Hang Seng dropped 0.5 per cent to 25,881.99, while the Shanghai Composite added 0.2 per cent to 3,802.61.

Markets have remained uneasy over sharp swings in the shares of computer chip companies. Their stocks have moved up and down for weeks amid concerns over whether revenue growth linked to the artificial intelligence boom can be sustained.