Asian stocks closed with gains on the last trading day of the quarter, with regional markets turning higher through the session as China recovered from a recent slump amid worries over trade tensions between Washington and Beijing.
In Japan, the Nikkei 225 gained 34.12 points, or 0.2%, to 22,304.51. Pharmaceutical stocks led the move higher, while major exporters were mostly higher amid extended weakness in the yen, which traded at 110.62 to the U.S. dollar. For the quarter, the Nikkei rose 3.8%
In economic news, the jobless rate in Japan dropped to its lowest in more than 25 years. Meanwhile, Japanese industrial output for May declined 0.2%, which was less than the median 1.1% drop forecast.
In Hong Kong, the Hang Seng hiked 457.79 points, or 1.6%, to 28,955.11, amid broad-based gains, with the consumer goods and information technology sectors leading gains before the market close.
On the corporate front, smartphone maker Xiaomi priced its Hong Kong initial public offering at the lower end of an indicative range on Friday. Shares were priced at 17 Hong Kong dollars ($2.17 U.S.) apiece, raising around $4.72 billion in total. The retail portion of the offering was 8.5 times overbought, the South China Morning Post reported.
Elsewhere, shares of Sharp rose 15.2% The pop in share price came after the company said it had dropped plans to issue as much as $2 billion in new shares.
Korean markets moved up. Most tech plays climbed, with financials also contributing to the gains.
CHINA
In Shanghai, the CSI 300 spiked 87.45points, or 2.6%, to 3,510.98.
The rebound came after China on Thursday took measures to reduce restrictions on foreign investments in industries, such as banking.
Mainland markets have come under pressure of late as investors worried over the implications of trade tensions between Washington and Beijing.
Despite Friday's gains, both the Shanghai composite and Shenzhen composite remained in bear market territory, meaning they have dropped at least 20% from recent highs. For the quarter, Shanghai shares are down some 12%.
Going into the third quarter, the U.S.-China trade dispute is expected to remain a key risk that investors in the region are watching along with tighter U.S. monetary policy.
In other markets
In Singapore, the Straits Times Index added 11.13 points, or 0.3%, to 3,268.70
The Taiex index recovered 182.63 points, or 1.7%, to 10,836.91
In Korea, the Kospi index recouped 11.89 points, or 0.5%, to 2,326.13
In New Zealand, the NZX 50 fell 55.65 points, or 0.6%, to 8,943.13
In Australia, the ASX 200 lost 20.75 points, or 0.3%, to 6,194.63
