MSCI’s ​broadest index of Asia-Pacific shares outside Japan was down 0.02%

Asian stocks were wobbly on Wednesday, a day after a worldwide 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%. South Korean ​shares, which slumped 10% on Tuesday in their sharpest one-day decline since March, climbed 2.2%, ‌while Nikkei was swinging between gains and losses, last down 0.8%.

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.

Oil prices extended this week’s losses, trading near four-month lows hit in the previous session, on signs that more oil tankers stranded in the Gulf since the start of the Iran war are set to move out of the Strait of Hormuz.

Still, uncertainty remains over the durability of the accord. Iran and U.S. have provided conflicting accounts on what the two countries had agreed on as part of their peace deal, including key ​elements such as control of the Strait of Hormuz.

The dollar’s strength has weighed heavily on the 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%, ‌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.

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