TOKYO -- Asian equities mostly advanced and Japan's benchmark Nikkei 225 briefly exceeded 70,000 for the first time Tuesday before easing from early peaks after the Bank of Japan lifted its main interest rate to 1 percent.

The quarter-point increase placed the benchmark rate at its highest mark in three decades.

By midday trading the Nikkei 225 stood 0.6 percent higher at 69,713.05, while South Korea's Kospi extended its record run with a 2.1 percent gain to 8,721.64.

The Shanghai Composite inched up less than 0.1 percent to 4,100.53.

Australia's S&P/ASX 200 slipped 0.3 percent to 8,892.10 and Hong Kong's Hang Seng fell 1.3 percent to 24,533.35.

In Taiwan the Taiex rose 0.6 percent and India's Sensex added 0.5 percent.

On Monday global markets climbed and oil prices eased after the United States and Iran reached a preliminary accord to restore worldwide crude flows. The S&P 500 gained 1.7 percent and the Dow rose 0.9 percent to a fresh peak while the Nasdaq composite surged 3.1 percent.

Brent crude declined 4.8 percent on expectations the pact could reopen the Strait of Hormuz, a vital supply route for much of Asia. Analysts urged caution noting many details remain unresolved. Negotiations with Iran are set to continue over the coming 60 days. Even after Hormuz reopens on Friday full restoration of energy operations may require several months.

Oil prices have retreated recently amid hopes for an extended ceasefire in the conflict, moving lower from levels above $100 reached weeks earlier. Prior to the war crude traded near $70 a barrel.

Early Tuesday benchmark U.S. crude slipped 9 cents to $80.66 a barrel. Brent crude the global benchmark fell 24 cents to $82.93 a barrel.

In Monday share trading U.S. stocks tied to artificial intelligence advanced sharply. Micron Technology climbed 10.8 percent and Advanced Micro Devices gained 7 percent.

Nvidia's 3.5 percent increase provided the largest lift to the S&P 500 given the AI chip maker's status as Wall Street's most valuable firm and its heavy index weighting. SpaceX Elon Musk's rocket firm that also owns the AI company xAI rose 19.6 percent on its second day of trading.

In the bond market Treasury yields eased on hopes lower oil prices would reduce pressure on central banks to hike rates. The yield on the 10-year Treasury slipped to 4.47 percent from 4.48 percent late Friday.

In currency trading early Tuesday the U.S. dollar held nearly steady at 160.33 Japanese yen. The euro stood at $1.1580 down from $1.1592.