Asia: Nikkei hits 15-year high, Australian stocks decline

With Chinese markets closed for Lunar New Year celebrations, other Asian stocks advanced on Friday, with the Nikkei in particular extending recent gains to a new 15-year high.

Japan’s benchmark index climbed 0.4% to 18,332.30 points, despite a weaker than expected manufacturing data print.

The country's Purchasing Managers’ Index (PMI) for February came in at 51.5, below expectations of a 52.5 reading.

“Weak PMI data weighed little on bullish rhetoric from the Bank of Japan Governor Kuroda, who said the central bank has many policy options available to chase the country’s 2% inflation target,” said Accendo Markets’ analyst Michael Van Dulken.

Looking at January's international trade data, Bank of America Merrill Lynch analysts said the numbers suggested net exports were likely to contribute to real growth in January-March.

"However, with growth likely to vary considerably from region to region, it remains to be seen whether an export-led recovery will continue throughout 2015."

Australia’s ASX 200 slid 0.4%, while India’s Sensex fell by the same margin and Indonesian stocks rose 0.5%.

As well as China, markets in Hong Kong, South Korea, Taiwan, and Singapore were also closed.

Thursday's news of Germany rebuffing Greece’s request to extend its bailout programme, fuelling concerns over the country’s future, were likely to have limited gains in Asian markets.

In corporate news, Japan Display rose 5.4% after reports emerged suggesting that the group will open a new site in Japan to supply parts to Apple.

Australian waste management firm Transpacific Industries Group lost 11.17% after announcing a first half loss and warning that market conditions were poised to remain difficult for the foreseeable future.

Medibank Private fell 3.52% despite a rise in first half profit, as customers in Australia were dropping insurance policies in the wake of rising health care costs.

The yen was stable against the euro, pound and the dollar, while the Australian dollar rose almost 0.8% against the pound and just over 0.45% against the US dollar.