Asia Ends Higher, Japan Up in Volatile Trade
Asian shares were mostly higher, back to earlier gains on Friday, after the Nikkei plunged as much as 3 percent at one point in another volatile trading day.
Gains in Asian equities in early trade were boosted by a late rally on Wall Street, which saw both the Dow Jones Industrial Average and S&P 500 pare losses to close down just 0.1 percent and 0.3 percent, respectively on Thursday.
Nikkei Back to Gains
Japan's benchmark Nikkei 225 closed up 0.9 percent to 14,612 after plunging below the 14,000 mark for the first time in three weeks at one point in afternoon trade.
The volatile trading day follows its biggest one-day drop in two years of more than 7 percent in the previous session on a combination of weak China data and rising government bond yields.
"The market was very right for a correction. [But] longer term there is a lot of potential in Japan. Obviously markets don't move in a straight line," David Dietze, president and chief investment strategist at Point View Wealth Management told CNBC on Friday.
The broader Topix index ended up 0.5 percent to 1,194.1.
Toyota Motor was one of the most traded stocks, reversing earlier gains to close down 1 percent, while Mazda held on to gain 5.2 percent after falling 7.6 percent on Thursday.
Electronics giant Sharp also tracked higher, up 8.2 percent.
(Read More: Japan Bond Yields Spike - 10-year Hits 1%)
China Shares Mixed
Chinese shares joined the broader market upwards with mainland stocks outperforming Hong Kong despite weakness in property stocks on China growth concerns.
The PC maker Lenovo bucked the trend on the Hang Seng index, rising almost 4 percent after the company reported a forecast-beating quarterly profit.
Australia Leads Losses
Australian shares led losses across the region, closing down 1.7 percent on weakness in bank stocks. The S&P/ASX 200 hit a one-month low on Thursday on weak manufacturing data from China.
Financials dropped with Westpac 2 percent down, while top lender Commonwealth Bank of Australia slipped 1.3 percent.
Shares of casino operator Echo Entertainment plunged 12 percent on reports that rival Crown had sold its 10 percent stake in Echo. Crown shares were down 1.8 percent.
Korea Ends Higher
In South Korea, the Kospi closed up 0.2 percent at 1,973.45, rebounding from volatile trade on Thursday in which it slumped 1.2 percent.
Banking and auto stocks were pushing the benchmark higher. Regaining ground, both Hyundai Motor and Kia Motors traded higher by 0.7 percent on Friday.
Markets in Singapore, Malaysia, and Thailand are closed Friday for a public holiday.