TOKYO - Asian ​stocks were wobbly on Wednesday, a day after a global selloff in technology and semiconductor shares, ‌with analysts cautioning about the risk of renewed volatility.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.02 percent. South Korean shares, which plunged 10 percent on Tuesday in their sharpest one-day drop since March, jumped 2.2 percent, while Japan's Nikkei was swinging between gains and ​losses, last down 0.8 percent.

"Price action in markets over the last seven trading days has been alarming, not ​just when it falls, but also when it rises," said Michael McCarthy, market analyst at ⁠Moomoo Securities Australia. "When markets move so rapidly, in either direction, it's a sign of instability."

Risk-off sentiment swept Wall Street ​overnight, tracking moves in Europe and Asia. US stocks fell on concerns about rising debt-funded AI spending and speculation ​that the Federal Reserve could adopt a more hawkish stance, while Treasury yields declined as investors sought the safety of government debt.

The Dow Jones Industrial Average lost 0.09 percent, the S&P 500 fell 1.4 percent, and the Nasdaq Composite fell 2.2 percent. The yield on benchmark US 10-year ​notes fell 1.41 basis points to 4.493 percent.

Oil prices extended this week's losses, trading near four-month lows hit in the ​previous session.

The dollar’s strength has weighed heavily on the ​Japanese yen, which hovered near ​40-year lows at 161.57 per ⁠dollar, keeping markets on edge over a potential currency intervention to prop up the battered currency.

A summary of opinions from the Bank of Japan's meeting this month, in which the ​central bank decided to raise interest rates to a 31-year high of 1.00 percent, released ​on Wednesday ⁠showed some board members called for further interest rate hikes to push the central bank's policy rate closer to levels deemed neutral to the economy.

The dollar index, which measures the greenback against a basket of currencies including the yen and the ⁠euro, rose ​0.02 percent to 101.43, holding near its one-year high. The euro was ​down 0.06 percent at $1.1375. In Britain, the pound weakened 0.08 percent to $1.3192.

Spot gold extended losses, down 0.48 percent to $4,088.71 an ounce as higher rate expectations reduced the ​appeal of non-yielding assets.

In cryptocurrencies, bitcoin gained 0.84 percent to $62,914.94. Ethereum rose 0.43 percent to $1,669.35.