Topic: Japan

Japan's Nikkei average steadied on Friday, supported by investors buying defensive stocks such as pharmaceuticals and food, as well as battered shares, although the index was poised to extend its run of weekly losses to the longest in 20 years.

Asian shares fell to their lowest levels of the year on Friday as early bargain hunting gave way to worries about Europe's raging debt crisis and weak global growth.

Japan's core consumer prices edged up in April from a year earlier due to higher energy prices, but the meager pace was a sign the fragile economy was still a long way from achieving the central bank's target of 1 percent inflation.

Asian shares eased on Thursday as markets were vulnerable to faltering factory orders in China and lack of concrete measures shown by European leaders to tackle the risk of Greece leaving the currency bloc.

Mazda Motor is in talks with Fiat to form a business tie-up, a source said, as the loss-making Japanese automaker seeks a revival path after losing its strategic partnership with Ford Motor.

With Japan awash in cheap funding provided by domestic savings and local banks continuing to park their cash in government bonds, analysts tell CNBC the country faces no urgency in dealing with its rising public debt, despite the latest ratings cut by Fitch.

Japan's exports rose in April from a year before at the fastest pace in more than a year, helped by a recovery in overseas demand.

Asian shares retreated on Wednesday as hopes for fresh measures to tackle euro zone debt faded and caution set in ahead of a meeting of European leaders, with renewed fears Greece would leave the euro bloc dampening appetite for riskier assets.

The Bank of Japan kept monetary policy steady on Wednesday, preferring to save its ammunition as Europe's deepening debt crisis may warrant further action in the coming months to fend off damage to the fragile economy.

Japan's sovereign rating was cut by one notch by Fitch on Tuesday as a political stalemate dims the chance that the country can curb its snowballing debt.

Japan was the world's major creditor in 2011, for the 21st consecutive year, reflecting corporations' aggressive foreign acquisitions and Japan's prodigious foreign currency intervention.

Loss-making Japanese chipmaker Renesas Electronics plans to cut 6,000 jobs, about 15 percent of its workforce, and raise 50 billion yen ($630 million) through a third-party share allotment, the Yomiuri Shimbun reported on Tuesday.

Asian markets kept gains on Tuesday after reclaiming some ground to move off lows for the year the day before, as hopes grew that Europe would embark on fresh action to address its debt crisis while promoting growth.

Asian markets recovered some ground on Monday after last week's heavy losses, but investors remained wary about the euro zone despite world leaders calling for Greece to stay in the monetary union and for Europe to balance austerity with growth.

Asian shares ended lower on Friday as concerns about the global economic outlook grew due to an escalating banking crisis in Spain and political uncertainty in Greece that has fueled concerns of a euro zone break-up.