Benchmarks in Shanghai and Sydney declined while Tokyo and Seoul advanced. Hong Kong was little-changed.
China, Australia and other central banks also have cut rates to shore up economic growth in the face of anti-virus controls that are disrupting trade and manufacturing. The Shanghai Composite Index lost 0.3% to 2,983.25 and the S&P-ASX 200 in Sydney retreated 1.7% to 6,325.40.Hong Kong's Hang Seng fell 0.1% to 26,266.85, while India's Sensex opened down 0.6% at 38,394.66.In another sign of US investor caution, the yield on the 10-year Treasury sank below 1% for the first time in history. It was at 0.97% early Wednesday.
On Monday, the Dow recorded its biggest daily gain in more than a decade on rising anticipation for coordinated support from the Fed and other central banks. Even before Tuesday's announcement, traders were convinced he Fed would cut rates by half a percentage point on March 18 at its next meeting.