Mainland shares mixed
China's benchmark Shanghai Composite closed down 0.3 percent on Friday after bolstering to 2,454 - levels not seen since February 2013 - earlier in the session.
Sentiment was lifted in the day by news that the Chinese central bank confirmed that it had pumped $125.91 billion (approximately 769.5 billion yuan) worth of three-month loans into the financial system.
As such, mainland financials got a boost; Huatai Security and CITIC Securities made gains of 4.1 and 3.3 percent respectively.
Meanwhile, Hong Kong's Hang Seng index witnessed a volatile trade session on Friday. The index reversed a hefty loss of 0.8 percent to notch up a 0.6 percent rise in the morning, but returned below the flatline in the afternoon session to eventually close down 0.4 percent.
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Sydney rises 0.8%
Australia's benchmark S&P ASX 200 index reversed opening losses to close at 5,549 on Friday.
Miners brushed off a fresh 5-year low in iron ore prices; Atlas Iron and BC Iron advanced 4.4 and 5.4 percent respectively while Fortescue Metal rallied 4 percent. "Iron ore futures are flat so the big moves can only be attributed to short covering and some aggressive trading capital with many of these companies significantly oversold," wrote IG market strategist Chris Weston in a note.
National Australia Bank and Australia & New Zealand Banking Group retreated more than 2 percent respectively as they traded ex-dividend.
In its monetary policy statement, the Reserve Bank of Australia (RBA) highlighted the risk of a crash in the Chinese property market and a still-high local dollar as key sources of uncertainty.
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Seoul gains 0.2%
South Korean shares bounced between gains and losses in choppy trade. Hyundai Motor outperformed the bourse by rallying over 2 percent, on Thursday's news that its operating profit soared 133 percent on year in the July-September quarter.