Nikkei slips 0.4%
Japan's Nikkei 225 dipped on the final trading day of the week, hurt by declines in commodity-related shares.
Oil counters came under selling pressure as oil prices crumbled under oversupply worries. JX Holdings and Inpex sagged nearly 2 percent each, while Showa Shell closed down 1.4 percent.
Mitsubishi Materials Corp and Sumitomo Metal Mining shaved off more than 1 percent each, while steelmakers such as JFE Holdings and Nisshin Steel lost 3.2 and 2.6 percent, respectively.
Attention also fell on the companies affected by the explosions in Tianjin, China. Mazda Motor receded 0.7 percent, but Toyota Motor and Fuji Heavy Industries, remained in positive turf, up 0.1 and 1.7 percent, respectively. Subaru-maker Fuji Heavy Industries suffered damage to more than 100 new vehicles in Tianjin, according to the Nikkei business daily.
ASX drops 0.6%
Australia's S&P ASX 200 index erased early gains to finish at a six-month trough.
In the resources sector, key energy and gold producers were sold off following weaker commodity prices. Santos and Woodside Petroleum fell 9 and 3.6 percent, respectively, while Newcrest Mining tanked 4.1 percent.
Financial heavyweights also slid deeper into the red; Westpac and Australia and New Zealand Banking plunged more than 1 percent each, while National Australia Bank closed down 0.7 percent.
Among firms which released their corporate earnings, James Hardie Industries pared gains to finish flat, despite delivering a 27 percent jump in first-quarter profit. Atlas Iron tacked on 3.3 percent, brushing off a staggering A$1.4 billion loss in its full-year results.
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KLCI skids 1.9%
Malaysia's benchmark FTSE Bursa Malaysia KLCI index was the biggest laggard in Asia on Friday, tumbling to its lowest level since February 2013. The ringgit also lost as much as 2.3 percent of its value against the greenback, touching fresh lows since the Asian Financial Crisis in 1998.
Meanwhile, markets in South Korea are closed for a public holiday.