Japanese markets finished mixed on Tuesday, with gains in exporters such as Honda Motor and Nintendo Co. helping to offset profit taking in blue chips.
In Tokyo, the Nikkei 225 index rose 19.73 points, or 0.11 percent, to close at 17,490.19 while the benchmark Hang Seng Index rose 223.78 points, or 1.1 percent, to 20,460.46.
Steelmakers were in focus after the Nikkei newspaper reported that Nippon Steel Corp. plans to boost its stakes in two electric furnace steelmakers.
The deal would see Nippon Steel become the top shareholder in Nakayama Steel Works Ltd. and hold up to a 10% interest in Chubu Steel Plate Co., the influential business daily reported, without naming sources. Shares of Nippon Steel reversed early gains to end 1% lower and Nakayama Steel Works gained 7.5%.
Analysts said the market failed to get much lift despite generally positive earnings as much of the good news had already been factored into prices.
On the data front -- Japanese government data showed overall household spending declined 1.9% in December from a year earlier, pointing to continuing weakness in private consumption.
Industrial robot maker Fanuc Ltd. led gains among suppliers of factory equipment after the trade ministry said December industrial production rose 0.7% on the month, beating economists' expectations of a 0.2% increase. Shares of Fanuc rose 0.1%.
Elsewhere:
BANGKOK: Thailand's shares ended lower in moderate trade, led by energy blue chips on softer global oil prices. The Stock Exchange of Thailand's SET index lost 0.1 percent to finish at 653.49 points.
JAKARTA: Indonesia shares closed steady, with bank blue chips helping to keep index in positive territory. The Jakarta Stock Exchange Composite index closed at 1,765.52, vs previous close at 1,765.
KUALA LUMPUR: Malaysian shares saw modest gains in cautious trading ahead of the U.S. Federal Reserve's first meeting of the year. The Kuala Lumpur Composite Index climbed 0.3 percent to 1,181.42 points.
MANILA: Philippine shares rose for a second session after lawmakers overcame political differences and approved a 2007 budget. The Philippine Stock Exchange Index gained 19.30 points, or 0.6 percent, at 3,196.66.
MUMBAI: Financial markets in Mumbai are closed for holiday.
SEOUL: South Korean shares fell, led by declines in technology stocks. The Korea Composite Stock Price Index fell 8.23 points, or 0.6 percent, to 1,363.10.
SHANGHAI: Chinese stocks fell, weighed down by worries the government might move to cool the property sector. The benchmark Shanghai Composite Index slipped 0.5 percent to 2,930.56. The Shenzhen Composite Index fell 0.6 percent to 696.03.
SINGAPORE: Singapore shares ended flat as investors adopted a cautious stance ahead of the U.S. Federal Reserve's interest rate decision. The benchmark Straits Times index rose 1.35 points to 3,130.26.
TAIPEI: Taiwan shares fell slightly on declining optimism over the construction sector. The Weighted Price Index of the Taiwan Stock Exchange dropped 11.88 points, or 0.2 percent, to 7,739.91.
WELLINGTON: New Zealand stocks closed lower, pulled down by weakening market heavyweight Telecom Corp. The NZX-50 index fell 8.3 points, or 0.2 percent, to 4,128.03.
SYDNEY: Australian stocks climbed to a record high on pension fund investments despite a big falls among major miners. The benchmark S&P/ASX200 index rose 52.1 points, or 0.9 percent, to 5,812.5.
With files from wire services
