Asian shares were mixed on Wednesday, with Shanghai rebounding from heavy falls to close higher on expectations of more state support while Tokyo slumped after the release of weak trade data. The dollar broadly weakened before the release of minutes from the US Federal Reserve's last meeting, which investors hope will offer fresh clues about the timing of an interest rate rise. Seoul closed down 0.86 percent, or 16.88 points, at 1,939.38, while Sydney gained 1.45 percent, or 77.05 points, to 5,380.20. Tokyo fell 1.61 percent, or 331.84 points, to 20,222.63, after data showing Japan's exports are slowing added to concerns about the world's number three economy as demand falls in China. Shanghai ended a see-saw session up 1.23 percent, or 45.95 points, at 3,794.11, while Hong Kong lost 1.31 percent, or 307.12 points, to end the day at 23,167.85 -- its lowest since December. Chinese shares erased a more than five percent plunge in morning trade, in a surge dealers said was driven by what looked like fresh government support for the market. "Only the 'national team'... would be able to turn the tide like this," Yingda Securities analyst Li Daxiao told AFP, referring to entities acting for the government. "State forces or measures are the main forces supporting the market right now." Beijing intervened with a rescue package that included funding the state-backed China Securities Finance Corp. (CSF) to buy stocks on behalf of the government after Shanghai shares collapsed in June. Last Friday, the securities regulator said the CSF would continue to stabilise the stock market for a number of years, though it added that will only occur during times of volatility. But sentiment remains fragile in Shanghai and China's shock devaluation of the yuan last week has heightened concerns about the state of Asia's largest economy. Shanghai "would be vastly lower if it wasn't for ineffectual government intervention that is merely delaying the inevitable," Michael Every, head of financial markets research at Rabobank Group in Hong Kong, told Bloomberg News. - China fears hit Tokyo - Concerns about China also weighed on Tokyo shares, which fell after official data showed the volume of Japan's exports fell last month from a year earlier as demand slowed in China. The lacklustre figures, and recent data showing Japan's economy contracted last quarter, added to concerns the weaker yuan will make Japanese exports less competitive and reduce China's purchasing power. "The fall in the Chinese stock market put concerns over China's growth back in the forefront of Japanese investors' minds," said Angus Nicholson at IG Markets. The dollar slipped in Asian trade as investors waited to see if minutes from the US Federal Reserve's latest meeting back up growing expectations of a rate hike as early as next month. In Tokyo the greenback traded at 124.22 yen, slipping from 124.38 yen in New York late Tuesday. The euro changed hands at $1.1055 and 137.32 yen from $1.1029 and 137.19 yen in US trade. Oil fell further in Asia ahead of a US inventory report that will help gauge demand in the world's top economy. US benchmark West Texas Intermediate for September delivery fell 24 cents to $42.38 a barrel and Brent crude for October dipped 26 cents to $48.55 a barrel in afternoon Asian trade. Gold (Other OTC: GDCWF - news) was at $1,122.19 compared to $1,119.83 late Tuesday. In other markets: -- Taipei fell 1.90 percent, or 155.38 points, to 8,021.84. Camera lense maker Largan Precision shed 4.01 percent to Tw$2,875.0 while Fubon Financial Holding closed 2.53 percent lower at Tw$50.10. -- Wellington rose 0.69 percent, or 39.27 points, to 5,750.03. Fletcher Building (NZSE: FBU.NZ - news) closed up 2.77 percent at NZ$7.79 and Spark New Zealand was also up 2.77 percent at NZ$2.785. -- Manila slipped 0.15 percent, or 11.28 points, to 7,344.73. Top-traded GT Capital dropped 0.31 percent to 1,290 pesos, Philippine Long Distance Telephone was up 1.09 percent to 2,770 pesos while Alliance Global (Other OTC: ALGGY - news) was down 6.25 percent to 20.25 pesos (Other OTC: UBGXF - news) .

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