Asian shares struggle as relief fades Tuesday 03:00 GMT. Asian shares came under pressure as relief turned to uncertainty over concerns the Cyprus rescue package could become a template for future eurozone bailouts. The MSCI Asia Pacific index inched down 0.1 per cent with Japan's Nikkei 225 Stock Average off 0.4 per cent and Australia's S&P/ASX 200 index down 0.9 per cent, while South Korea's Kospi Composite index eked out a 0.1 per cent gain. The Shanghai Composite index lost 1.6 per cent and Hong Kong's Hang Seng index slid 0.6 per cent Monday's last-minute €10bn bailout agreement, which would force hefty losses on large deposits in the island's two biggest banks and see capital controls imposed, had been expected to be a one-off deal for Cyprus. But Jeroen Dijsselbloem, the chairman of the eurogroup of eurozone financial ministers, ended the relief rally by saying that the Cypriot rescue marked a watershed in how the region deals with failing banks. European leaders were now committed to "pushing back the risks" of paying for bank bailouts from taxpayers to private investors, he said. The situation became even more uncertain amid reports Mr Dijsselbloem had attempted to clarify his earlier comments by saying Cyprus was indeed a "specific case," with "exceptional challenges." "While he tried to back paddle on the remark in a later statement, this raised concerns over the risk of more tensions in European markets and economies in the future," Crédit Agricole said in a research note. In Tokyo, real estate firms were hit hard by the drop in risk appetite with Tokyu Land falling 3.4 per cent and Heiwa Real Estate losing 1.8 per cent. Exporters were also weaker as the Japanese yen was buoyed by haven buying. Mazda Motor slid 4.4 per cent while Sony fell 2.6 per cent. Miners led the Sydney market lower with Rio Tinto off 2 per cent, Paladin Energy down 3.5 per cent and PanAust sliding 4.4 per cent. In Shanghai, brokerages and metal producers led the decline with Haitong Securities dropping 3.8 per cent and Jiangxi Copper off 1.8 per cent ahead of reporting results. Renewable energy firms sank in the wake of the bankruptcy of Suntech Power Holdings, one the world's biggest solar-panel maker by sales.Trina Solar and Yingli Green Energy Holding each fell more than 9 per cent. Trading in Ambow Education Holding was suspended for a second day after a buyout offer for the education provider was withdrawn. In Hong Kong, Chinese developers were hit by a media report that banks are capping lending to the property sector. Country Garden Holdings fell 2 per cent. HSBC Holdings, Europe's largest lender by market value, slid 1.4 per cent amid European concerns. Li Ning dropped 4.3 per cent after China's biggest sportswear maker posted a wider-than-expected full-year loss. In the currency markets, the yen was slightly weaker against the US dollar at Y94.36, compared with Y94.17 late Monday in New York, after the new Bank of Japan governor Haruhiko Kuroda said he will consider extending bond maturities. But the Japanese currency is still up 4 per cent so far this week. Earlier, US equities pulled off their lowest levels of the day but the S&P 500 still closed 0.3 per cent lower. The FTSE All-World index was down 0.1 per cent while the FTSE Eurofirst 300 index closed 0.3 per cent lower. Peripheral eurozone government bond prices also fell as the mood turned more cautious. Spain's 10-year bond yield rose 10 basis points to 4.96 per cent, while its Italian equivalent added 5bp to 4.58 per cent.