October inflation data for Tokyo was also released during the day - the final key economic indicator out of Japan before the election.

The Bank of Japan’s two-day monetary policy meeting was meanwhile scheduled to start on 30 October.

“Amid a currency recovery and concerns over a general election on Sunday that would deny [Japan’s] coalition government its lower house majority, Asian stocks are mixed,” said Patrick Munnelly at TickMill Group.

“The MSCI World Equity Index continues to stutter towards a weekly loss of 1.2%, which would end a two-week winning run.”

Regional markets end week in a mixed state

Japan’s Nikkei 225 fell 0.6% to 37,913.92, and the Topix dropped 0.65% to 2,618.32.

Key Japanese stocks experienced significant declines, including Sumitomo Dainippon Pharma, down 6.32%, Kawasaki Kisen Kaisha at -4.25%, and Nippon Yusen, which dropped 3.78%.

Chinese markets ended higher, with the Shanghai Composite gaining 0.59% to close at 3,299.70 and the Shenzhen Component up 1.71% at 10,619.85.

In individual stocks in Shanghai, Guangdong Jia Yuan Technology surged 13.02%, Shanghai Shibei Hi-Tech Co climbed 12.66%, and Shanghai DaZhong Public Utilities rose 10.14%.

Hong Kong’s Hang Seng Index added 0.49%, closing at 20,590.15.

Xinyi Solar led gains with a 16.99% increase, while Geely Automobile Holdings and WuXi AppTec rose 8.2% and 7.11%, respectively.

South Korea’s Kospi 100 edged up 0.24% to 2,592.90, with Korea Zinc up 10.11%, KB Financial Group increasing by 8.37%, and SK Square gaining 6.11%.

Australia’s S&P/ASX 200 saw a marginal rise of 0.06%, ending at 8,211.30.

Wisetech Global and HMC Capital posted notable gains of 12.71% and 12.49%, respectively, while Insignia Financial added 7.29%.

In contrast, New Zealand’s S&P/NZX 50 fell 0.33% to 12,771.61, with declines led by KMD Brands, Serko, and the A2 Milk Company.

In currency markets, the dollar was last up 0.12% on the yen to trade at JPY 152.01, as it strengthened 0.15% against the Aussie to AUD 1.5083, and advanced 0.2% on the Kiwi, changing hands at NZD 1.6657.

Oil prices were also firmer, with Brent crude futures last up 0.52% on ICE at $74.77 per barrel, while the NYMEX quote for West Texas Intermediate rose 0.54% to $70.57.

Inflation eases in October ahead of Japan election, BoJ meeting

In economic news, Tokyo’s inflation rate eased in October, with prices rising 1.8% year-on-year, down from 2.2% in September.

Core inflation, excluding fresh food prices, also dropped slightly to 1.8%, just above the forecast 1.7%.

Meanwhile, “core-core” inflation, a key measure for the Bank of Japan that excludes both fresh food and energy, edged up to 1.8% from 1.6% last month, signalling persistent inflationary pressures despite the broader cooling.

At the same time, Japan’s finance minister Katsunobu Kato reportedly met with US Treasury Secretary Janet Yellen, with currency exchange rate volatility topping the agenda, according to reports from Reuters.

Japan's vice finance minister for international affairs, Atsushi Mimura, noted concerns over “one-sided” currency moves, underscoring Japan’s heightened vigilance against speculative pressures.

China’s central bank held its medium-term lending facility (MLF) rate steady at 2% on Friday, injecting CNY 700bn into the banking system.

The move aimed to maintain adequate liquidity, with total MLF loans now reaching CNY 6.789trn.

In Singapore, manufacturing output grew 9.8% year-on-year in September, exceeding expectations for 3.5% growth.

That did, however, mark a sharp decline from August's revised 22% surge, indicating a slowdown in industrial activity.

Reporting by Josh White for Sharecast.com.