TOKYO (AP) -- Asian shares were mixed in mostly muted trading on Tuesday, despite anticipation for a market reaction to the inauguration of U.S. President Donald Trump.

Some analysts said the inauguration would inject optimism into global markets, while others said the threat of incoming tariffs would work as a dampener on Asian economies. U.S. markets were closed Monday for the Martin Luther King Jr. Day holiday.

Japan's benchmark Nikkei 225 slipped 0.1% in morning trading to 38,951.77. Australia's S&P/ASX 200 gained 0.5% to 8,392.80. South Korea's Kospi lost 0.2% to 2,514.06.

Worries about the effects of Trump's policies on China have eased somewhat as both sides have pledged to work to improve relations. Trump did not immediately indicate drastic action on possible tariffs on Chinese exports to the U.S.

The Hang Seng index added 0.4% to 20,012.25, while the Shanghai Composite shed 0.3% to 3,233.85.

"In a twist that calmed nerves across global markets ... President Trump revealed he would not, contrary to expectations, roll out new tariffs immediately," said Stephen Innes, managing partner at SPI Asset Management.

In one sign of market optimism about possible executive moves aimed at stimulating the U.S. economy, U.S. stock market futures rose.

Shares in Fuji Media Holdings, of which major Japanese broadcaster Fuji TV is a part, dropped in morning trading, as dozens of companies, including Toyota Motor Corp., decided to stop airing television commercials that accompany Fuji TV shows. The stock price has zigzagged recently as a sex scandal unfolded, reported by weekly magazine Shukan Bunshun.

In energy trading, benchmark U.S. crude declined $1.14 to $76.74 a barrel. Brent crude, the international standard, added 13 cents to $80.28 a barrel.

In currency trading, the weak U.S. dollar was believed to be one reaction to the lack of a clear perceived direction on Trump's tariff policies, but currency moves were relatively moderate. The dollar fell to 155.14 Japanese yen from 155.61 yen. The euro cost $1.0389, down slightly from $1.0419.

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AP Business Writer Elaine Kurtenbach contributed.