MSCI’s broadest ​index of Asia-Pacific shares outside Japan was up 0.4%

Asian stocks made cautious gains on Tuesday, while investors assessed a widely expected Bank of Japan rate increase ‌to a 31-year high.

The yen edged up 0.1% to 160.215 against the dollar and the Nikkei 225 climbed 0.9% to a new all-time high above 70,000 after the Japanese central bank voted 7-1 to hike its benchmark policy rate to 1%, levels last seen in 1995.

MSCI’s broadest ​index of Asia-Pacific shares outside Japan was up 0.4%, with Korean shares adding 2.3%. Stocks in Hong Kong weighed on the benchmark ​after weaker-than-expected retail sales and fixed-asset investment data from China.

Markets settled into a more measured tone on Gulf ⁠developments as the initial excitement over the preliminary agreement between Tehran and Washington began to fade.

Oil prices, which finished at a three-month low overnight, ​reflected the cautious stance, with Brent crude futures slipping 0.3% to $82.90 a barrel. Shippers in Asia and Europe said rebuilding confidence in resuming ​transit through the Strait of Hormuz could take weeks.

Later in the day, Bank of Japan Deputy Governor Shinichi Uchida will hold a press briefing to ​explain the central bank’s decision.

We do not anticipate any major changes to the Bank’s assessment of current conditions, analysts from Mitsubishi UFJ wrote in a research note.

We expect Deputy Governor Uchida’s press ​conference, including the rationale he presents for the rate-hike decision, will be based largely on Governor Ueda’s ​June 3 speech, ⁠the note added. Mr. Uchida is also likely to follow the governor’s remarks when discussing future policy decisions.