Asian shares clung to their 15-month highs on Tuesday while the dollar and U.S. bond yields were on the back foot on the prospects of a less-hawkish Federal Reserve policy trajectory. In early trade, MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.1 percent, staying near a 15-month high it touched on Monday, with South Korean shares hitting two-year highs. Japan’s Nikkei dropped 0.8 percent, weighed by financial stocks, which were hurt by lower U.S. yields and exporter stocks, which fell on the yen’s gains against the dollar. While Asian shares have been supported by signs of strong global economic growth, concerns about protectionism cast a shadow after financial leaders of the world’s biggest economies dropped a pledge to keep global trade free and open, acquiescing to an increasingly protectionist United States. Wall Street shares drifted lower on Monday as investors worried that President Donald Trump’s plan to cut taxes and boost the economy could take longer than previously expected. “Any fiscal spending by the Trump administration will not come until August at earliest and probably much later. So any economic benefit of that will show up only next year,” said a senior trader at a European bank. “So the markets are gradually pricing that in, winding back their initial rally after the elections.” Although Trump promised in early February to deliver a “phenomenal” tax plan within a few weeks, no such details have been released yet. “U.S. stocks valuations are getting really expensive, so I expect the market to be capped for now. That also means Japanese shares are unlikely to gain further,” said Tatsushi Maeno, senior strategist at Okasan Asset Management. Expectations that the Federal Reserve will have to step up rate hikes to counter inflationary pressure from Trump’s stimulus are also waning after the Fed dropped no hints of an acceleration in credit tightening last week. Chicago Federal Reserve President Charles Evans, in one of the first official comments after the Fed raised rates as expected last week, reiterated that message on Monday. He said that two more interest rate hikes this year are likely, disappointing investors who had anticipated a faster path of rate increases.