Asian shares mostly higher after Wall Street sell-off
Asia's markets mostly rose on Thursday, reversing earlier losses with Japanese shares boosted by a weaker yen, although traders remain on edge over the Crimean crisis.
Tokyo rallied 1.00 percent, or 145.73 points, to 14,622.89, Seoul climbed 0.70 percent, or 13.66 points, to 1,977.97 but Sydney eased 0.50 percent, or 26.7 points, to 5,350.1.
In the afternoon Hong Kong was 0.10 percent higher and Shanghai added 0.38 percent.
With few catalysts to drive business, investors were heartened by better-than expected data on retail, a key driver of the US economy.
The Commerce Department said durable goods orders rose 2.2 percent in February from the previous month, beating forecasts of a 1.0 percent decline.
However, on Wall Street the Dow fell 0.60 percent, the S&P 500 declined 0.70 percent and the Nasdaq sank 1.43 percent.
In Tokyo, the Nikkei bounced back from early losses and the yen sank against the dollar and euro.
The greenback bought 102.23 yen in afternoon trade, from 102.00 yen late in New York.
Analysts said the focus is moving to next week's data release, including the Bank of Japan's quarterly tankan business sentiment survey Tuesday and US non-farm payrolls on Friday.
Japan's higher sales tax increase also kicks in, with many investors expecting a downturn in sentiment.
Credit Agricole's executive director of foreign exchange Yuji Saito told Dow Jones Newswires that "such an outcome will increase investor expectations for additional BOJ easing, which is good for the dollar against the yen".
Prime Minister Shinzo Abe pushed through the controversial sales tax hike as part of a plan to reduce the country's yawning national debt but critics say it will knock the country's nascent economic recovery off course.
In other forex deals the euro bought $1.3785 and 140.95 yen compared with $1.3788 and 140.57 yen.
However the single currency is sharply down from the $1.3818 and 141.34 yen in Tokyo Wednesday, as European and US dealers sold it following comments from the European Central Bank that hinted at a further loosening of monetary policy to avert deflation.
Investors are keeping an eye on events in Europe after Russia took control of Crimea from Ukraine this month.
In Washington, US Defense Secretary Chuck Hagel said Russia had moved more troops closer to Ukraine's borders in recent days despite assurances it will not invade.
However, while tensions have eased, markets remain wary as US President Barack Obama called for greater sanctions on Russia. Obama said Wednesday that the United States and its allies need to "step up" their commitments.
However, there are fears about the long-term ramifications of the stand-off, with Europe hugely reliant on Russia for its energy.
On oil markets New York's main contract, West Texas Intermediate for May delivery, gained 12 cents to $100.38 a barrel in afternoon trade and Brent North Sea crude for May gained two cents to $107.05.
Gold fetched $1,304.30 an ounce at 0230 GMT compared with $1,314.55 late Wednesday.
In other markets:
-- Taipei rose 0.48 percent, or 42.30 points, to 8,779.57.
Taiwan Semiconductor Manufacturing Co was 0.43 percent higher at Tw$116.0 while Formosa Plastics rose 2.57 percent to Tw$75.9.
-- Wellington was flat, edging up 1.65 points to 5,126.53.
Telecom rose 1.25 percent to NZ$2.42 and Fletcher Building gained 1.59 percent to NZ$9.57.
