Asian stocks took a hit on Friday, with the Nikkei posting its biggest weekly fall since the March 2011 nuclear disaster, as losses on Wall Street overshadowed benign Chinese data.
Tech and internet shares from Tokyo to Seoul bore the brunt of losses after the Nasdaq Composite declined 3 percent overnight, its worst session in over two years as U.S. momentum stocks resumed their declines.
Asian markets were little changed after China's consumer prices rose 2.4 percent in Marchfrom the previous year, just shy of a Reuters poll for a 2.5 percent increase. But producer prices came in worse-than-expected, falling at an annual 2.3 percent.
"With inflation running at a comfortable margin below the government's 2014 goal of 3.5 percent, the current environment in some ways serves as a litmus test for the government's commitment to allowing a more decisive role for market forces in the economy, " said Bill Adams, senior international economist for PNC Financial Services.