(fxcue news) - Asian shares ended mixed on Wednesday, with Japanese markets reaching another record high, buoyed by a weaker yen and strong gains in technology shares as Nvidia supplier TSMC's sales surged past expectations on AI infrastructure demand. The dollar recovered from a three-week low and Treasury yields rose slightly as investors eyed the second round of testimony by Federal Reserve Chair Jerome Powell. In testimony Tuesday before the Senate Banking Committee, Powell reiterated that officials seek more evidence inflation is slowing down. His testimony comes ahead of key readings on U.S. consumer inflation and producer inflation later this week. A majority of economists currently expect that the U.S. central bank will cut its main interest rate as soon as September. Gold ticked higher on speculation of a Fed rate cut in September while oil extended declines for a fourth day running on signs of easing supply concerns. China's Shanghai Composite index fell 0.68 percent to 2,939.36 as data showed consumer inflation in the country slipped to 0.2 percent in June from 0.3 percent in May, signaling weak consumer demand. Producer prices posted an annual fall of 0.8 percent in June, as expected, but slower than the 1.4 percent fall in May. Japan's Nikkei average rose 0.61 percent to 41,831.99 after reaching a record high of 41,889.16 earlier in the day. The broader Topix index settled 0.47 percent higher at 2,909.20. Technology-related shares gained, with Tokyo Electron and SoftBank climbing around 1 percent. Japan's wholesale inflation accelerated in June as a weak yen raised import cots, data showed. Seoul stocks ended on a flat note, with the Kospi average finishing marginally higher at 2,867.99 after a choppy session. Hanwha Aerospace gained 1.8 percent after it signed a contract to supply Romania with K9 and K10 artillery systems. Australian markets ended slightly lower, dragged down by mining stocks. The benchmark S&P/ASX 200 slipped 0.16 percent to 7,816.80 while the broader All Ordinaries index eased 0.21 percent to close at 8,058.30. BHP, Rio Tinto and Fortescue Metals Group all fell over 1 percent as iron ore prices declined on weak demand signals from China. Across the Tasman, New Zealand's benchmark S&P/NZX-50 index jumped 0.80 percent to 11,943.33 as the Reserve Bank of New Zealand hinted at a dovish future stance after holding its Official Cash Rate (OCR) unchanged at 5.50 percent for an eighth consecutive meeting. U.S. stocks ended narrowly mixed overnight as yields moved up after Fed Chair Jerome Powell told a Senate Banking Committee that inflation continues to moderate but "more good data" would strengthen the case for rate cuts. He also noted that reducing policy restraint too late or too little could unduly weaken economic activity and employment. The tech-heavy Nasdaq Composite edged up 0.1 percent and the S&P 500 inched up marginally to reach new record closing highs while the Dow slid 0.1 percent.