Asian shares ended mixed in muted trading Friday as investors awaited Fed Chair Jerome Powells Jackson Hole speech later in the day for confirmation U.S. rate cuts would start in September.
The dollar extended its recent sharp slide and Treasury yields eased while gold edged up slightly but was poised for a weekly loss.
Crude oil futures held gains but were on track to end the week lower amid U.S. and Chinese demand concerns.
Chinese shares finished modestly higher after a choppy session. The benchmark Shanghai Composite index rose 0.20 percent to 2,854.37 while Hong Kongs Hang Seng index dipped 0.16 percent to 17,612.10.
Japanese markets eked out modest gains and the yen strengthened against the dollar after Bank of Japan Governor Kazuo Ueda reaffirmed his resolve to raise interest rates if economic and price developments move as forecast.
Data out early in the day showed Japans core inflation accelerated for a third straight month in July due to higher electricity costs.
The Nikkei average rose 0.40 percent to 38,364.27 while the broader Topix index settled half a percent higher at 2,684.72. Pharma stocks led the surge, with Sumitomo Pharma and Chugai Pharma rallying 3.5 percent and 1.5 percent, respectively.
Seoul stocks snapped a three-day winning streak as investors took a wait-and-see approach before Powells speech. The Kospi average ended down 0.22 percent at 2,701.69.
Chipmaker SK Hynix lost 2.9 percent and market bellwether Samsung Electronics gave up 0.8 percent while automaker Hyundai Motor climbed 1.8 percent and its affiliate Kia Corp added 1.6 percent.
Australian markets finished marginally lower following ten straight sessions of gains. Commodity and technology stocks came under selling pressure, offsetting gains in the banking sector.
ANZ fell 2.2 percent after the countrys bank regulator raised the amount of spare cash that the lender must keep on hand due to suspected wide-ranging misconduct at its bond trading unit.
Across the Tasman, New Zealands S&P/NZX-50 index finished 0.49 percent higher at 12,529.99, snapping a four-day losing streak.
U.S. stocks ended lower overnight as a rise in Treasury yields prompted traders to book some profits after recent strong gains.
A measure of U.S. business activity fell to a fourth-month low in August and the number of Americans filing new applications for unemployment benefits ticked up in the latest week, raising economic uncertainty.
The tech-heavy Nasdaq Composite tumbled 1.7 percent, the S&P 500 shed 0.9 percent and the Dow dipped 0.4 percent.