Asian shares mixed in choppy trade; Takata plunged over 7%

Asian equities turned mixed in Friday's afternoon session, as positive sentiment from the European Central Bank (ECB) and the Chinese central bank - which has supported majority of the bourses for most of the day - wore off.

Overnight, U.S. stocks rose, with the blue-chip Dow and S&P 500 hitting fresh records, after ECB President Mario Draghi said that the central bank will adopt further easing measures, if needed.

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Upbeat economic data from the U.S. also boosted sentiment. The government's tally of Americans filing for jobless benefits fell by 10,000 to 278,000 last week, compared with expectations of 285,000. Another report had productivity rising more than estimated in the third quarter.

U.S. nonfarm payrolls for October are due later in the day. Economists polled by Reuters forecast the report adding 235,000 jobs to the economy and the unemployment rate unchanged from the preceding month at 5.9 percent.

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Tokyo rises 0.5%

Japan's Nikkei 225 index climbed on Friday, supported by the Japanese yen which hovered near Thursday's seven-year high against the U.S. dollar, but gains were trimmed by profit-taking.

Exporter stocks rallied, with Panasonic and Sony piling on 2.7 and 1.2 percent each.

In particular focus was Takata Corporation, which reversed early gains to plunge 7.3 percent on news that the automotive parts maker had concealed the risks of defective airbags following an accident in 2004.

"It doesn't look good for Takata by any standard," Scott Upham, founder, president and chief executive officer of Valient Market Research, told CNBC's "Asia Squawk Box" on Friday. "While we are still a few months away from the [release of] final investigation results, I do anticipate that it is going to affect Takata adversely going into middle of next year."

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.

Read MoreAustralia bears sharpen their claws

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.