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Sharp said it was considering a capital reduction and preferred share issuance as part of its restructuring plan, sending stocks sliding.
Asian stocks mostly advanced on Thursday despite data showing China's factory activity at a one-year low.
Japanese electronics giant Sharp may be struggling, but the banks will keep the heavily indebted firm on life support, analysts say.
Asian equities traded mixed on Friday after a soft finish on Wall Street, but China's Shanghai Composite index outperformed with a new multi-year high.
Asia's equities joined their global peers to rise on Thursday, with China's Shanghai Composite index finishing at a fresh multi-year high.
Sharp and its main banks are to meet on Thursday to agree on a nearly $2 billion rescue and overhaul plan for the loss-making electronics maker.
Asian stocks saw choppy trade on Wednesday following China's first-quarter gross domestic product.
News that Sharp may be moving to spin off its LCD panel-making unit has buoyed appetite for its stock, but analysts remain unsure about the outlook for the troubled consumer electronics giant.
Asian stocks outside Japan rose on Monday as investors believed that an unexpectedly weak nonfarm payrolls report will delay interest rate hikes in the U.S.
Asian stocks advanced amid choppy trade on Friday as traders looked ahead to the release of the closely-watched U.S. jobs report.
Equity markets in Tokyo and Shanghai outperformed the region to scale fresh multi-year highs on Monday, drawing strength from a strong finish on Wall Street last week.
Asian equities outside Japan traded higher on Thursday as investors welcomed a dovish statement from the Federal Reserve.
Japan's loss-making electronics firm Sharp plans to cut around 6,000 jobs, in a global restructuring that will cost over 200 billion yen.
Chinese shares led gains in Asia on Monday, touching a five-year high on rising stimulus bets.
Fears that an interest rate hike in the United States is imminent drove Asian stock markets outside Shanghai lower on Monday.
Asian shares largely rose on Friday, supported by a stronger close on Wall Street overnight, with Japanese and South Korean markets scaling fresh highs.
Indian shares led gains in Asia Wednesday after a surprise rate cut by the Reserve Bank of India, while the rest of the region traded mixed.
Australian shares fell below the flatline on Tuesday after the Reserve Bank of Australia (RBA) surprised most market watchers by holding back on further easing.
Sharp is preparing to seek aid from its two main lenders, as it expects impairment losses from unprofitable businesses to mount this year.
Long-forgotten flip phones, a fad more than a decade ago, are making a curious comeback in Japan, a country known for its cutting-edge technology.