Asian shares mostly gained and Japan’s benchmark Nikkei 225 briefly topped 70,000 for the first time Tuesday before trimming early gains after the Bank of Japan raised its key interest rate to 1%.

The quarter percentage point hike took the benchmark rate to its highest level in three decades. By early afternoon, the Nikkei 225 was up 0.6% at 69,713.05, while South Korea’s Kospi moved further into record territory, gaining 2.1% to 8,721.64.

The Shanghai Composite gained less than 0.1% to 4,100.53. Australia’s S&P/ASX 200 lost 0.3% to 8,892.10 and Hong Kong’s Hang Seng slipped 1.3% to 24,533.35.

US Market Impact

On Monday, stock markets rallied worldwide and oil prices eased after the United States and Iran reached a tentative deal to get the global flow of crude going again. The S&P 500 rose 1.7% and the Dow climbed 0.9% to a record. The Nasdaq composite jumped 3.1%.

Brent crude fell 4.8% on expectations that the agreement might reopen the Strait of Hormuz, where much of Asia gets its oil supply. But some analysts urged caution, noting many issues remain uncertain. Negotiations with Iran are expected to continue over the next 60 days.

Original reporting: KTBS 3 (Shreveport) — read the source article.