Asian Stocks Mostly Higher, Except in Japan
Asian stocks were mostly higher on Friday, with the exception of Japan, where investors were awaiting the outcome of an election on Sunday.
In Japan, Prime Minister Shigeru Ishiba called a snap general election to drum up support as the ruling Liberal Democrats grapple with a political funding scandal. This has added to uncertainty for markets, complicating the Bank of Japan's efforts to shift away from long-standing near-zero interest rates.
The Nikkei 225 index lost 1% to 37,771.79, while the Japanese yen rose against the U.S. dollar.
Elsewhere in Asia, Hong Kong's Hang Seng added 1.1%, the Shanghai Composite gained 0.8%, and South Korea's Kospi climbed 0.3%.
U.S. Stocks Retreat After Record Highs
On Thursday, the S&P 500 rose 0.2%, breaking its first three-day losing streak since early September. The Dow Jones Industrial Average fell 0.3%, and the Nasdaq composite rose 0.8%.
Stocks have broadly retreated this week after the S&P 500 and Dow both set records at the end of last week. They've been hurt by rising Treasury yields in the bond market.
Other Market Movements
In other dealings early Friday, benchmark U.S. crude added 10 cents to $70.29 a barrel. Brent crude rose 13 cents to $74.16 a barrel.
The euro fell to $1.0821 from $1.0828.