MOST Asian markets have closed higher and the US dollar has climbed against the yen as Japan's central bank nominees appear set for approval by Parliament.
Traders seemed broadly unimpressed by another record for the Dow on Wall Street that was fuelled by upbeat economic data, while better-than-expected Australian jobs numbers on Thursday were not enough to keep Sydney shares positive.
Tokyo rose 1.16 per cent, adding 141.53 points to hit a four-and-a-half year high of 12,381.19, while Seoul gained 0.12 per cent, or 2.40 points, to 2,002.13.
However, Sydney lost 1.18 per cent, or 60.2 points, to end at 5,032.2.
Hong Kong and Shanghai both closed 0.28 per cent higher.
The Hang Seng Index added 62.53 points to 22,619.18. The Shanghai Composite Index added 6.31 points to 2,270.28.
Regional markets are experiencing a correction following recent gains that have been fuelled by growing confidence in the global economy.
However, the morning's losses were reversed in some markets thanks to late bargain-buying.
Investors have been spooked by a string of figures out of China suggesting the pick-up after last year's growth slowdown may not be as strong as first thought.
On Wall Street the Dow edged up 0.04 per cent in an ninth straight day of gains, its longest winning streak for 16 years.
US traders took heart from a report showing a stronger-than-expected rise of 1.1 per cent in retail sales in February from January, though that was partly due to higher petrol prices.
The data lifted the US dollar in New York, where it finished at Y96.14 on Wednesday. The greenback sank to as low as Y95.68 in early Tokyo trade but rebounded in the afternoon to Y96.37 in the afternoon.
The US unit got a lift in later trade after the men tapped by Tokyo to run the central bank passed their first vote in parliament.
Governor nominee Haruhiko Kuroda and his proposed deputies Kikuo Iwata and Hiroshi Nakaso are strong advocates of the aggressive monetary easing that has seen the yen weaken in recent months. They are expected to pass an upper house vote on Friday.
The euro bought $US1.2951 and Y124.80 against $US1.2956 and Y124.56.
In Sydney, shares dipped after a strong set of jobs numbers that, despite being positive, analysts said could dampen any new measures to boost the economy.
The Australian Bureau of Statistics said the seasonally adjusted unemployment rate held at 5.4 per cent last month, defying most forecasts of a rise to 5.5 per cent, while 71,500 jobs were created, much higher than the 10,000 forecast.
Macquarie Bank senior economist Brian Redican said the numbers were "extraordinary", adding: "With that kind of employment growth there is no rationale for cutting rates."
Oil prices eased, with New York's main contract, light sweet crude for delivery in April, rising 35 cents to $US92.87 a barrel and Brent North Sea crude for April delivery shedding 15 cents to $US108.37.
Gold was at $US1,588.44 an ounce at 0810 GMT (1910 AEDT) compared with $US1,592.78 late on Wednesday.
In other markets:
- Wellington rose 0.92 per cent, or 39.95 points, to 4,381.10.
Fisher & Paykel Healthcare was 3.4 per cent higher at NZ$2.71, while Fletcher Building added 2.4 per cent to NZ$9.15.
- Manila closed 1.21 per cent lower, shedding 81.85 points to 6,694.71.
Ayala Corp. fell 1.61 per cent to 550 pesos, SM Investments dropped 2.09 per cent to 1,075 pesos and Philippine Long Distance Telephone was off 3.64 per cent at 2,860 pesos.
- Taipei fell 0.55 per cent, or 43.75 points, to 7,951.76.
Leading integrated circuit chip design house MediaTek shed 2.7 per cent to Tw$343.0 while Taiwan Semiconductor Manufacturing Co was 0.48 per cent lower at Tw$104.0.
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