Asian markets were mixed Friday, with Japanese stocks retreating from early highs as worries about global credit markets weighed down financials such as Mitsubishi UFJ Financial Group, while Australian stocks were lifted by resource issues such as BHP Billiton on high crude-oil and metal prices.
The Nikkei 225 Average ended the session 1.5% lower at 12,241.60, its lowest finish since August 2005 while in Hong Kong, the Hang Seng Index finished down 0.3% at 22,237.11.
In Tokyo, financials were volatile before ending lower on worries about the health of the global financial markets. Shares of Mitsubishi UFJ fell 1.8%, while Mizuho Financial Group dropped 1.3%.
Exporters were also volatile, as the US dollar dropped against the yen in the afternoon. Shares of Honda Motor Co. sank 4.4%, while Sony Corp. dropped 2.3%, after rising more than 4% earlier in the day.
China's Shanghai Composite, which Thursday dropped below the 4,000-point mark for the first time in 2008, briefly regained the psychologically important level Friday, but couldn't hold on to the gains.
It finished the day's roller-coaster ride 0.2% lower at 3,962.67, taking losses into the third straight session amid lingering worries the country's central bank will further tighten monetary policy to control inflation.
Elsewhere:
Taiwan's Weighted index shed 0.6% at 8,161.39.
South Korea's Kospi wavered between positive and negative zones before ending 1% lower at 1,600.26.
New Zealand's NZX 50 index dropped 2% to 3,500.91.
Australia's S&P/ASX 200 rose 1.4% to 5,206.90.
with files from other wire services
