ASIAN markets have mostly bounced back after sharp declines in the previous session, as China posted upbeat trade figures that bolstered the outlook for the world's second-biggest economy.
But Tokyo dropped 1.59 per cent, or 219.38 points to 13,605.56, on Thursday after a 4.0 per cent plunge on Wednesday triggered partly by renewed concerns over a potential tapering of the US stimulus program.
The losses came as the yen gained ground against the US dollar after the Bank of Japan issued an upbeat assessment of Tokyo's efforts to counter growth-sapping deflation, as it left its vast monetary easing program unchanged.
Shanghai ended flat, edging down 1.88 points to 2,044.90, as China's imports and exports both showed an unexpected jump in July.
Bigger-than-expected gains in imports outpaced those of exports, causing the overall trade surplus to fall 29.6 per cent year-on-year to $17.8 billion.
In other markets Sydney gained 1.07 per cent, or 53.5 points, to 5,064.8, Seoul added 0.3 per cent, or 5.64 points, to 1,883.97 and Hong Kong climbed 0.31 per cent, or 67.04 points, to 21,655.88.
US shares dropped on Wednesday for the third straight session, with the Dow Jones Industrial Average losing 0.31 per cent, or 48.07 points, to 15,470.67.
The broad-based S&P 500 gave up 0.38 per cent, or 6.46 points, to 1,690.91, while the tech-rich Nasdaq Composite Index fell 0.32 per cent, or 11.76 points, to 3,654.01.
Comments from Federal Reserve officials earlier this week sparked jitters over a likely pullback of the US stimulus, weighing down global markets.
The chiefs of the Federal Reserve's Chicago and Atlanta branches both said that the central bank could begin tapering its $US85 billion a month quantitative easing program in September, but stressed that economic growth needed to hold steady or improve.
On currency markets the greenback slipped to Y96.28 in Asian afternoon trade from Y96.39 in New York on Wednesday. The euro also lost its morning gains to sit at Y128.45 from Y128.55 in US trading.
Against the US dollar, the European single currency strengthened in afternoon deals to $US1.3341 from $US1.3334 in New York.
On oil markets New York's main contract, West Texas Intermediate for delivery in September, rose 44 US cents to $US104.81 a barrel in afternoon Asian trade. Brent North Sea crude for September was up 27 US cents at $US107.71.
Gold was at $US1,291.68 at 1833 AEST, compared with $US1,277.43 late on Wednesday.
In other markets:
- Wellington fell 0.15 per cent, or 6.92 points, to 4,541.38.
Chorus was down 3.3 per cent at $NZ2.93, Air New Zealand slipped 0.70 per cent to $NZ1.41 and Fletcher Building rose 0.48 per cent to $NZ8.41.
- Taipei slipped 0.17 per cent, or 13.62 points, to 7,907.67. Acer fell 3.97 per cent to $Tw20.55 while Hon Hai was 0.13 per cent lower at $Tw77.0.
- Manila lost 0.26 per cent, or 16.56 points, to 6,404.23.
SM Investments was down 2.30 per cent at 826.50 pesos, Ayala Land dropped 0.17 per cent to 29 pesos, while Universal Robina Corp shed 2.17 per cent to 117 pesos.
- Singapore, Jakarta and Kuala Lumpur were closed for a public holiday.
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