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MANILA, Philippines (AP) 鈥� Asian shares were mixed on Thursday after most U.S. stocks slipped, as doubts rose on Wall Street about whether the Federal Reserve will deliver economy-juicing cuts to interest rates by September.

Japan鈥檚 Nikkei 225 rose 0.9% to 41,020.91 after the Bank of Japan kept interest rates steady at 0.5% and raised inflation projections. The move follows Tokyo鈥檚 trade deal with Washington.

Hong Kong鈥檚 Hang Seng index fell 1% to 24,920.67, while the Shanghai Composite Index slid 0.7% to 3,588.73.

In Seoul, the Kospi edged down 0.3% to 3,244.40 after South Korea reached a 15% tariff deal with the U.S., with no levies on American goods like cars, trucks and farm products. The deal also includes South Korea’s purchase of $100 billion U.S. energy imports and $350 billion worth of investments in the U.S.

Australia鈥檚 S&P ASX 200 shed 0.1% to 8,743.80. India’s BSE Sensex added 0.2% to 81,481.86. Taiwan’s TAIEX rose 0.4% to 23,551.92.

Rabo Bank, citing the U.S. trade deals with other countries, including Bangladesh, said in a commentary that 鈥渋t appears to be only a matter of time before India agrees to terms to ensure that it retains favorable access to the US market and all of those other markets that (U.S. President Donald) Trump has demonstrated he has the power to direct through economic coercion.鈥�

Rabo added that the terms of a U.S.-India trade deal would almost certainly include Indian purchases of U.S. arms and energy products and preferential access to U.S. agricultural goods.

鈥淎 potential loser in all of this is Australia. With the US sending more wheat to Indonesia and Bangladesh and more LNG to Japan and South Korea, Australian exports stand to be displaced from their traditional markets,鈥� it added.

Trump on Wednesday announced a 25% tariff on imports coming from India, along with an additional tax because of India鈥檚 purchases of Russian oil, beginning on Aug. 1. That鈥檚 when stiff tariffs Trump has proposed for many other countries are also scheduled to kick in, unless they reach trade deals that lower the rates. But the U.S. president said the two countries were still in negotiations.

On Wall Street on Wednesday the S&P 500 edged down by 0.1%, coming off its first loss after setting all-time highs for six successive days. The Dow Jones Industrial Average dropped 171 points, or 0.4%, and the Nasdaq composite rose 0.1%.

Stocks felt pressure from rising Treasury yields in the bond market after the Federal Reserve voted to hold its main interest rate steady. The move may upset Trump, who has been lobbying for lower interest rates, but it was widely expected on Wall Street.

Fed Chair Jerome Powell may have surprised investors by pushing back on expectations that the Fed could cut rates at its next meeting in September. Besides Trump, two members of the Fed鈥檚 committee have also been calling for lower rates to ease the pressure on the economy, and they dissented in Wednesday鈥檚 vote.

But Powell would not commit to a September cut in rates, pointing to how inflation remains above the Fed鈥檚 2% target, while the job market still looks to be 鈥渋n balance.鈥�

A cut in rates would give the job market and overall economy a boost, but it could also risk fueling inflation when Trump鈥檚 tariffs may be set to raise prices for U.S. consumers. The Fed鈥檚 job is to keep both the job market and inflation in a good place.

In other dealings on Thursday, U.S. benchmark crude oil lost 4 cents to $69.96 per barrel while Brent crude, the international standard, shed 13 cents to $72.34 per barrel.

The U.S. dollar fell to 148.87 Japanese yen from 149.44. The euro rose to $1.1422 from $1.1412.

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AP Business Writer Stan Choe contributed.