ASIAN markets have mostly fallen after disappointing numbers from the US offset upbeat sentiment following Europe's exit from a long and damaging recession.
Tokyo shares on Thursday slid 2.12 per cent, or 297.22 points, to 13,752.94 as a stronger yen helped pull down the market and questions swirled about whether Japan would usher in a corporate tax cut.
Sydney also closed down 0.10 per cent, or 5.00 points, to 5152.4.
Earlier gains in Hong Kong, which saw trade cancelled on Wednesday because of Typhoon Utor, were lost with the market ending flat, down 0.01 per cent or 1.99 points at 22,539.25.
Shanghai ended down 0.87 per cent, or 18.26 points, at 2,081.88 while Seoul and Mumbai were shut for public holidays.
US markets dipped on Wednesday after anaemic inflation data and a disappointing earnings report from Macy's suggested economic weakness in the world's biggest economy.
The Dow Jones Industrial Average was down 0.73 per cent, or 113.35 points, at 15,337.66 - its biggest point decline since late June.
But European markets closed mostly higher after official data showed the eurozone had finally climbed out of a record 18-month recession.
The eurozone boasted surprisingly strong growth of 0.3 per cent in the second quarter led by Germany and France, the European Union said.
Investors said there were currently few concrete signs to make firm bets on.
"The market remains in a fairly narrow range, dependent on currency markets for guidance and futures for intraday movement," Naoki Fujiwara, fund manager at Shinkin Asset Management, told the Dow Jones Newswires. "There are almost no wholly new trading incentives right now, so the market simply gyrates."
Investors in Japan turned cautious after Finance Minister Taro Aso expressed doubts about the possibility of a fresh corporate tax cut.
The comment came as a response to a recent media report that Prime Minister Shinzo Abe had told government agencies to study the possibility to encourage private sector investment.
Aso pointed out that much of Japan's business establishment pays no corporate taxes, and reducing the tax rate "would do little to help the Japanese economy".
A doubling of Japan's consumption tax to 10 per cent by 2015 is seen as crucial to chopping the country's enormous debt, the worst among industrialised nations at more than twice the size of the economy.
The US dollar changed hands at Y97.75, compared with Y98.14 in New York on Wednesday afternoon.
The euro was at $US1.3290 and Y129.91 against $US1.3255 and Y130.08 in New York.
Japanese shares also remain mired in the summer holiday doldrums with many market players off for the country's summer Obon holiday. Traders said the reduced volume has left the major indexes subject to heightened intraday volatility.
Oil prices moved higher in Asian trade on Thursday supported by concerns that escalating violence in Egypt will disrupt supplies from the Middle East, analysts said.
New York's main contract, West Texas Intermediate for delivery in September, was up 42 US cents at $US107.27 a barrel in afternoon trade, and Brent North Sea crude for September gained 38 US cents to $US110.58.
Gold rose to $US1340.30 an ounce at 1700 AEST, up from $US1330.37 on Wednesday.
In other markets:
- Wellington rose 0.13 per cent, or 5.67 points, to 4,530.26.
Fletcher Building was up 0.6 per cent to $NZ8.29 and Telecom Corp was down 0.4 per cent at $NZ2.275.
- Taipei fell 0.81 per cent, or 64.07 points, to 7,887.26.
Taiwan Semiconductor Manufacturing Co was 0.83 per cent lower at $Tw96.0 while HTC gained 1.28 per cent to $Tw158.0.
- Seoul and Mumbai stock markets are closed for public holidays.
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