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Oil Takes Breather, Asia Mostly Higher

Asian markets closed mostly higher in Friday trade as investors digested the second day of Federal Reserve Chair Janet Yellen's testimony ahead of earnings season.

The Nikkei 225 gained 19.05 points, or 0.1%, to 20,118.86

The Hang Seng Index acquired 43.06 points, or 0.2%, to 26,389.23

Korea’s Kospi made gains for a second-straight day after closing at a record level in the last session.

In the U.S., Yellen said Thursday that achieving President Donald Trump's 3% growth target would be "challenging" due to reasons related to productivity growth.

The U.S. dollar was mostly flat against the yen at 113.24, below a low of 113.28 seen in the last session. The greenback had fetched as high as 114.07 yen earlier in the week.

The Australian dollar continued its upward trend after previously rising on the back of strong China trade data released Thursday. The Aussie dollar last traded at $0.7755 U.S., above the $0.76 handle seen earlier this week.

In individual stocks, shares of Korean automakers were in focus following headlines from Yonhap News that unionized Hyundai employees were taking a vote over a potential strike. Results of the strike will be known after the market close.

Hyundai shares closed up 3.4% and Kia Motors rose 1.1%

Taiwanese tech shares closed lower despite chipmaker Taiwan Semiconductor Manufacturing (TSMC) forecasting a rise in revenues for the third quarter. Meanwhile, optical lens supplier Largan Precision reported a fall in quarterly net income, according to local media.

TMSC shares were down 0.7%and Largan fell 3.1%

In economic news, Singapore's economy grew 0.4% in the second quarter compared to the previous quarter, below a forecast of 1.1%. The figure reflected a 2.5% rise on year, compared to the 2.8% expected

The dollar gave up some gains against the Singapore dollar to fetch S$1.3742 after trading as high as S$1.3768 earlier in the session following the news.

Japan May industrial production declined 3.6% compared to the previous month, but rose 6.5% on year, data from the Ministry of Economy, Trade and Industry showed.

In other markets

The CSI 300 picked up 16.17 points, or 0.4%, to 3,703.09

In Taiwan, the Taiex index dropped 16.24 points, or 0.2%, to 10,443.91

In Korea, the Kospi index edged higher 5.14 points, or 0.2%, to 2,414.63

In Singapore, the Straits Times Index sprang up 51.76 points, or 1.6%, to 3,287.43

In New Zealand, the NZX 50 added 38.88 points, or 0.5%, to 7,649.77

In Australia, the ASX 200 moved higher 28.35 points, or 0.5%, to 5,765.12