ASIAN markets have closed mostly down with traders booking profits after another strong rally in the previous session, while they are also awaiting the release of Chinese economic indicators.
Tokyo's Nikkei suffered a deep correction after storming almost four per cent to its highest level since September 2008 as the yen reclaimed some of its losses in recent days.
Tokyo fell 0.93 per cent, or 106.68 points, to 11,357.07 on Thursday and Seoul slipped 0.23 per cent, or 4.42 points, to 1,931.77.
Sydney rose 0.30 per cent, or 14.7 points, to 4,935.7, Hong Kong fell 0.34 per cent, or 79.93 points to 23,177.00, and Shanghai closed down 0.66 per cent or 15.95 to 2,418.53.
Traders opted out of big risks ahead of the latest numbers from China due to be released on Friday before the country shuts up shop for the Lunar New Year holiday.
Beijing will unveil data on trade and inflation that will provide a clearer idea of the state of the world's number two economy after a string up upbeat figures indicated it has emerged from a severe slowdown.
"After gyrating quite aggressively over the past couple of weeks, markets are taking pause ahead of the Chinese (inflation) data," said Matthew Sherwood, head of investment market research at Perpetual Investments in Sydney.
"In essence, we are probably stuck in a bit of a trading zone after we had such a strong rally in January," he told Dow Jones Newswires.
Eyes were also on a European Central Bank meeting later on Thursday that is expected to keep monetary policy on hold.
Analysts said ECB board members would not undertake any more loosening despite worries about slow growth and the strengthening euro.
In foreign exchange markets the yen edged up in Asia following its recent sharp decline but fell back in early European trade.
The US dollar fetched 93.78 yen in London, compared with 93.57 yen New York late on Wednesday.
The euro bought 127.15 yen from 126.46 yen and $US1.3560 from $US1.3519.
Regional markets were given a soft lead from Wall Street's mixed trading day.
The Dow ended 0.05 per cent higher, the S&P 500 climbed 0.05 per cent and the Nasdaq rose 0.10 per cent.
On oil markets New York's main contract, light sweet crude for delivery in March gained 16 cents to $US96.78 a barrel in the afternoon and Brent North Sea crude for March delivery increased 12 cents to $US116.85.
Gold was at $US1,676.08 at 1030 GMT (2130 AEDT) compared with $US1,670.27 late on Wednesday.
In other markets:
- Singapore slipped 0.45 per cent, or 14.76 points, to 3,261.77.
Singapore Telecom rose 0.86 per cent to Sg$3.54 and Singapore Airlines dropped 1.76 per cent to Sg$11.15.
- Jakarta was flat, edging up 4.17 points to 4,503.15.
Asia Pacific Fibres rose 1.03 per cent to 196 rupiah, Indofood Sukses Makmur climbed 3.15 per cent to 6,550 rupiah and carmaker Astra International rose 1.32 per cent to 7,650 rupiah.
- Manila closed 0.45 per cent higher, or 28.64 points to 6,459.9.
Metropolitan Bank rose 0.09 per cent to 110.50 pesos, and Manila Electric Co. rose 1.87 per cent to 304.60 pesos.
- Wellington fell 0.40 per cent, or 16.71 points, to 4,195.24.
Telecom Corp lost 2.12 per cent to NZ$2.31, Fletcher Building was off 0.78 per cent at NZ$8.90 and New Zealand Oil and Gas added 0.53 per cent to NZ$0.95.
- Kuala Lumpur added 0.34 per cent, or 5.43 points, to 1,619.57.
DiGi was up 3.4 per cent to 4.82 ringgit while Genting Malaysia rose 1.7 per cent to 3.70 ringgit and IOI Corp eased 1.4 per cent to end at 4.79 ringgit.
- Bangkok was barely changed, dipping 0.54 points to 1,499.81.
Airports of Thailand added 4.23 per cent to 111 baht, while telecoms company Total Access Communication jumped 3.49 per cent to 89 baht.
- Mumbai fell 0.30 per cent, or 59.40 points, to 19,580.32, a sixth straight loss.
Sterlite, the local arm of global resources Vedanta Group, fell 2.92 per cent to 104.6 rupees and mobile phone firm Bharti Airtel slid 2.82 per cent to 319.1 rupees.
- Taipei was closed for a public holiday.
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