Asia markets mixed as record oil prices weigh on Tokyo; China and Hong Kong climb

Asian markets were mixed Wednesday, with record oil prices leading investors to sell Tokyo stocks, while Chinese and Hong Kong shares rose on hopes the government would bail out energy companies.

The benchmark Nikkei 225 index lost 1.65 percent to close at 13,926.30.

China and Hong Kong stocks, though, rebounded from early losses to close higher. The Shanghai Composite Index rose 2.9 percent to 3,544.19. Hong Kong's blue-chip Hang Seng Index climbed nearly 1.2 percent to 25,460.29 after falling as much as 1.4 percent.

In Tokyo, investors dumped all but a few shares in reaction to Wall Street's overnight loss after record oil prices stoked …