Asia: Most indices up, Japan's Nikkei declines on mixed data

Most Asian stocks were higher on Wednesday except in Japan where the Nikkei 225 lost 0.13% after seeing earlier gains.

In economic data published by the Ministry of Economy, Trade and Industry, retail trade declined 0.8% in June from an increase of 1.7% in May. However, in a year-on-year basis, sales grew 0.9%, beating expectations of an expansion of 0.5%.

Still on data, small business confidence rose in July to 49.3 from 46.9 one month earlier.

The yen was at ¥123.59 against the dollar.

Moving the company news, Japanese robotics manufacturer Fanuc sank 10.66%, the biggest drop in seven years, after it cut its full-year profit forecast.

“Orders are decreasing rapidly towards the end of the first quarter, and are expected to diminish further from the second quarter on,” the company said.

On the bright side, Chinese stocks rose after weeks of losses. The Shanghai composite index was up 3.44% and Hong Kong's Hang Seng gained 0.47%.

The Chinese local government said it will increase purchase of stocks in an effort to support the stock market in the second largest economy in the world.

Furthermore, fears over the Chinese equity markets have eased, IG market analyst Alastair McCaig said.

"Although a quick glance at the history books proves that stories involving central banks trying to bend the will of the free markets to their own don’t end well," he added.

Meanwhile, the Chinese consumer sentiment index published by Westpac rose to 114.5 in July from 112.3 one month earlier, driven by household finances. The leading index came at 98.71 in June, same reading as in May.

In the corporate world, China Shipbuilding Industry Corporation jumped 10.02%

In Australia, the ASX index rose 0.71% amid a recovery in commodity prices that boosted mining stocks.

BHP Billiton gained 0.52% a day after announcing it is shifting its treasury staff to London and Rio Tinto rose 0.98%.

New Zealand's NZX index was also higher 0.38% after the Reserve Bank governor Graeme Wheeler said further monetary policy easing is likely to happen, despite the economy still not being weak enough for big rate cuts.