Asia markets closed mixed on Friday, as traders trimmed holdings ahead of the key July non-farm payroll report in the U.S., due later Friday.
Major indexes in Australia and Japan posted weekly losses.
In Australia, the ASX 200 index finished up 21.59 points, or 0.39 percent, at 5,497.40, with the energy and materials sub-indexes advancing 1.19 percent and 1.73 percent, respectively. For the week, the index posted a weekly loss of 1.17 percent.
Japan's benchmark Nikkei 225 index closed flat at 16,254.45, failing to hold onto morning gains, and posting a weekly loss of 2 percent. Earlier this week, Japanese stocks sold off on the back of a stronger yen as investors appeared to have been disappointed with the stimulus measures announced by the government and the central bank in Japan.
Chinese mainland markets closed slightly lower, with the Shanghai composite down 5.42 points, or 0.18 percent, at 2,977, and the Shenzhen composite was lower by 7.30 points, or 0.37 percent, to 1,941.60.
Overnight, the Bank of England cut rates for the first time in over seven years, slashed growth forecasts and launched a new monetary policy weapon in a bid to stop a post-Brexit economic slump in the U.K.
The BOE said it would create a new Term Funding Scheme worth up to 100 billion pounds ($132 billion) and announced the purchase of up to 10 billion pounds in U.K. corporate bonds. A 60 billion pound hike in the bank's government bond-buying program, known as quantitative easing, to 435 billion pounds was also announced.
The pound tumbled from levels above $1.330 to levels below $1.316 after the decision. On Friday afternoon Asia time, the pound traded at $1.3130 as of 2:23 p.m. HK/SIN.
"The most important development overnight is the high expectations for global monetary and fiscal easing are steadily being met," said Angus Nicholson, a market analyst at brokerage firm IG, referring to the stimulus measures announced in Japan as well as U.K. Chancellor Philip Hammond's indication that "fiscal easing is likely to be announced in his 'Autumn Statement'."