Asia report: Markets mixed as stronger yen piles on pressure

Markets in Asia finished mixed on Thursday, with shares in Japan heading lower after a solid session on Wednesday as a stronger yen dragged on domestic markets.

The country’s benchmark Nikkei 225 was 0.37% lower at 19,520.69, with the yen last 0.51% stronger at JPY 116.65 per $1.

Computing and technology giant Toshiba was one of the odd ones out, adding 4.72% during the session as it swung to recovery.

It had suffered a serious plunge in earlier sessions, after fresh reports emerged of profit padding - over and above the mammoth recent accounting scandal.

The firm also confirmed last week that a several billion dollar writedown may be necessary, related to its acquisition of a US-based nuclear power plant developer.

Fellow technology group Sharp also went against the grain and surged 8.87%, extending gains of more than 8% on Wednesday.

The markets were reacting positively to news Sharp was mulling over an initial public offering for its LCD joint venture with Hon Hai Precision Industry - Sakai Display Products.

On the mainland, the Shanghai Composite Index was 0.21% higher at 3,165.55, while the Shenzhen Composite closed lower, losing 0.16% to 2,005.58.

The unofficial Caixin services purchasing managers’ index for December was released during the session, reaching 53.4 from 53.1 in November.

It was the highest reading since July 2015, with a number of analysts saying it added to the rosy economic picture painted by the manufacturing PMI readings released earlier in the week.

South Korea’s Kospi lost 0.18% to finish at 2,041.95, while Hong Kong’s Hang Seng Index managed to finish 1.46% higher at 22,456.99.

In Seoul, screen maker LG Display was up 0.16%, finishing off a choppy day that saw it fall as much at 1%, while the behemoth Samsung Electronics lost 1.66%.

Those changes came after LG Display’s chief confirmed his firm was in discussion with Samsung about supplying television panels, although nothing was set in stone at this stage.

Energy players led the gains in Hong Kong, with China National Oil, PetroChina and SinoPec all up at least 2%.

Oil prices slipped during Asian trading, after rising significantly overnight in the US.

“A weaker dollar [helped] crude's cause, as did the American Petroleum Institute's (API) surprising 7.4 million barrel drawdown in inventory late in the session,” noted OANDA senior market analyst Jeffrey Halley.

Brent crude was last down 0.07% at $56.42, while West Texas Intermediate was off 0.02% at $53.25 per barrel.

In Australia, the S&P/ASX 200 managed a 0.3% gain to finish at 5,753.35, with materials and energy leading the subindex ranks.

The gold sector also surged ahead, finishing 2.47% as prices for the the metal also rose.

On that subindex, Evolution Mining was ahead 1.9% by the end of trading while Newcrest Mining added 1.77%.

New Zealand’s S&P/NZX 50 eked out a 0.02% gain to settle at 6,975.60, amid light - but choppy - summer holiday trading in the south Pacific island nation.

It was a mixed picture for the down under dollars, with the Aussie last 0.08% stronger against the greenback at AUD 1.3719, while the Kiwi was 0.06% weaker at NZD 1.4359 per $1.