Most Asian stocks track U.S. higher; Nikkei down 0.75%.

Most Asian stocks rebounded Wednesday following a strong performance by their U.S. counterparts on Tuesday. 

In Asian trading Wednesday, Japan’s Nikkei 225 fell 0.75%, reversing gains seen earlier in the session. Japanese stocks fell after traders took profits in USD/JPY, which spent much of the early part of the session trading to the upside only to fall slightly into negative territory as the day went along. 

Hong Kong’s Hang Seng rose 0.60%, but the Shanghai Composite dipped 1.57% amid lingering fears about credit issues at Chinese banks. The People’s Bank of China, that country’s central bank, said it will work to ensure stability in the banking system after SHIBOR rates spiked last week. 

The Shanghai Composite is in the midst of a six-day losing streak and is headed for its lowest close since January 2009, the darkest days of the global financial crisis. 

Australia's S&P/ASX 200 jumped 1.6% as traders appeared to be doing some bargain-hunting with Australian equities. Stocks there are looking to avoid a fifth consecutive losing day. On Monday, yields on Australia's 10-year sovereign bonds rose to their highest levels in more than four years. 

New Zealand’s NZSE 50 surged 1.69%, indicating that buyers may be stepping into the New Zealand market in search of value despite weakness in Chinese shares. Both Australia and New Zealand count China as their largest export market. 

South Korea’s Kospi fell 0.19% a day after the won hit a 1-year low against the dollar. The weak yen and the looming end of U.S. quantitative easing continue to plague South Korean equities. 

Singapore’s Straits Times Index added 0.56% while S&P 500 dropped 0.41% a day after the benchmark U.S. index climbed 0.95%.