Updated from 12:45 a.m. EDT

Asian stocks mostly fell Wednesday, with markets in Japan finishing slightly higher, and stocks in Europe were lower as investors pulled back after a day of record-setting gains and concerns remained over the weakness of the global economy.

The Nikkei 225 stock average rose 1.1%, a day after the index set its biggest one-day gain with a leap of 14.2%. The Bank of Japan said late Tuesday it would offer lenders as many dollars as they want, joining European counterparts in attempting to lower borrowing costs in money markets and freeing up credit worldwide, Bloomberg reports.

The Hang Seng index in Hong Kong fell almost 5%, while the S&P/ASX index in Australia fell 0.8%.

On Tuesday, markets in Asia rose as the U.S. government detailed a plan to dedicate $250 billion of the $700 billion bailout package to buying equity positions in U.S. banks.

Stocks in Europe were trading lower Wednesday as Rio Tinto ( RTP) reportedly said it may delay the planned sale this year of $10 billion of assets, and ASML Holding ( ASML), Europe's largest maker of semiconductor equipment, reported lower third-quarter profits and forecast a fall in fourth-quarter shipments.

The FTSE 100 index in London fell 2.6%, while the DAX in Frankfurt was down 2.2%.

Stock futures in the U.S. indicate a weaker opening. San Francisco Federal Reserve Bank President Janet Yellen said late Tuesday the U.S. economy "appears to be in a recession" as the financial market crisis bites deeply, Reuters reports.

Futures on the S&P 500 fell 8.40 points to 993.90, and were trading 7.48 points below fair value. Nasdaq futures fell 1 point to 1365, and were 8.92 points below fair value.

Stocks on Wall Street Tuesday finished a seesaw day with modest losses. The Dow Jones Industrial Average, which traded up more than 400 points in the morning and down nearly 300 points in the afternoon, finished with a loss of 76.62 points, or 0.8%, at 9310.99. The S&P 500 closed down 5.34 points, or 0.5%, at 998.01. The Nasdaq gave back 65.24 points, or 3.5%, at 1779.01.