Asian stocks ended mixed on Friday as fears persisted about the Fed staying hawkish and the Bank of Japan maintained its ultra-loose monetary policy.<\/p>\n
While a strengthening dollar and rising Treasury yields spurred risk aversion, Chinese and Hong Kong markets<\/span> advanced after reports about measures by China to promote the development of its private economy<\/span>.<\/p>\n China’s Shanghai Composite Index rallied 1.6 percent to 3,132.43, while Hong Kong’s Hang Seng Index jumped 2.3 percent to 18,057.45.<\/p>\n Japanese shares ended lower, and the yen weakened as the Bank of Japan refrained from offering any hints about potential alterations in its dovish stance and a private survey showed Japanese manufacturing activity fell back into contraction in June and service sector growth slowed for the first time in seven months.<\/p>\n The Nikkei 225 Index dropped 0.5 percent to 32,402.41, extending losses for a fourth consecutive session, while the broader Topix Index closed 0.3 percent lower at 2,376.27.<\/p>\n While tech stocks followed their U.S. peers lower, Nippon Television Network soared 13.5 percent after saying that Studio Ghibli, the famed Japanese animation studio of Hayao Miyazaki, will become its subsidiary.<\/p>\n Seoul stocks ended slightly lower, with the Kospi falling 0.3 percent to 2,508.13 amid growing prospects of higher-for-longer U.S. interest rates.<\/p>\n Australian markets recovered from an early slide to finish marginally higher after four days of losses. Energy stocks and utilities advanced as oil prices rose on concerns that a Russian ban on fuel exports could tighten global supply.<\/p>\n Across the Tasman, New Zealand’s benchmark S&P NZX-50 Index rose 0.5 percent to 11,372.62 after a late surge.<\/p>\n U.S. stocks suffered their biggest drop in six months overnight and benchmark 10-year U.S. Treasury yields touched a 16-year peak, given uncertainty about the Fed’s monetary policy direction.<\/p>\n Data showed first-time weekly claims for U.S. unemployment benefits unexpectedly fell to a seven-month low, adding to the concerns about interest rates.<\/p>\n The tech-heavy Nasdaq Composite plummeted 1.8 percent to reach its lowest closing level in over three months, while the S&P 500 gave up 1.6 percent and the Dow declined 1.1 percent. <\/p>\n