Asian stocks were mixed on Friday following the European Central Bank's surprise rate cut overnight and amid caution ahead of a key U.S. jobs report.
European Central Bank (ECB) chief Mario Draghi caught markets off guard on Thursday by cutting interest rates to a record low of 0.05 percent and the overnight rate to negative 0.2 percent, further penalizing banks for parking money at the central bank. The ECB also said it would launch a program next month to buy asset-backed securities.
U.S. stocks erased record-setting gains on Thursday, turning lower in a late-session shift as cheer over the European Central Bank's unexpected rate cut faded, a day ahead of the monthly payrolls report. Analysts expect a figure of around 225,000 nonfarm payrolls following July's gain of 209,000 jobs. The unemployment rate is seen dropping to 6.1 percent from 6.2 percent.
Nikkei 0.3% higher
Japanese shares resumed gains after snapping a three-day winning streak on Thursday as investors cheered a weaker yen. The currency dropped to a six-year low against the greenback in early Asian trade, boosting currency-sensitive exporters.
Among the top gainers on the benchmark Nikkei, Panasonic, Fanuc, Toshiba and Olympus added 1 percent each.