Market Update
Stocks in Asia ended mostly lower, following economic data releases in Japan. However, the Japanese market rebounded in late trade after a weak start as investors thought much of the economic damage from March's earthquake is in the price.
At close, Japan's Nikkei gained 1.6% while mainland China's Shanghai Composite, Hong Kong's Hang Seng and India's Sensex lost 0.4% to 1.3%. Australia's ASX ended flat.
On Thursday, the Bank of Japan stood pat on rates but rejected a proposal to step up asset buys, even as the country's industrial production fell a record 15.3% after the data was released for the first time after March's devastating earthquake that triggered a tsunami and a nuclear crisis.
Stocks on the Move
In Tokyo, stocks rose soon after the data release, indicating much of the bad news was in the price, and after earnings announcements in the United States overnight supported. A pledge by Federal Reserve Chairman Ben Bernanke to continue with the central bank's easy monetary policy also helped.
Electronics majors Canon and Panasonic gained 1.6% and 2.4%, respectively, while automakers Toyota and Honda rose 1.4% and 2.9%.
In Hong Kong and China, however, shares were pressured, with some negative earnings also weighing on sentiment, even as bank stocks edged up.
PetroChina declined 2.9% following its earnings reports, China Eastern Airlines fell 4.5% while Poly Real Estate was off 2.7%.
Among financials, Industrial and Commercial Bank of China, China Merchants Bank and Bank of Communications rose over 1% each.
Indian stocks ended lower on a volatile day marked with the monthly expiry for futures and options contract.
Shares in ICICI Bank, however, gained 0.9% after the private lender declared its quarterly earnings.
In Sydney, the index closed flat despite strength in financials: National Australia Bank, ANZ Bank and Westpac Banking Group rose between 0.4% and 1.2%.