Asian stocks ended mostly lower on Friday after rising sharply in the previous session in response to U.S. President Donald Trump's 90-day tariff pause. Chinese and Hong Kong markets outperformed amid expectations for stronger stimulus.
The U.S. dollar slumped to a decade-low versus the Swiss franc amid economic and policy turmoil, while gold jumped more than 1 percent to reach a new high above $3,200 per ounce following a short period of consolidation last week.
Crude oil prices were on track to book their second consecutive weekly loss as demand concerns intensified.
China's Shanghai Composite Index rose 0.5 percent to 3,238.23 as market participants awaited the outcome of a Thursday meeting planned by China's top leaders to discuss additional stimulus.
Hong Kong's Hang Seng Index jumped 1.1 percent to 20,914.69 after Trump said the first trade deals are "very close" and voiced optimism that China would eventually come to the table.
Japanese markets tumbled as a stronger yen weighed on export-related shares. The Nikkei 225 Index plunged 3.0 percent to 33,585.58, while the broader Topix Index settled 2.9 percent lower at 2,466.91.
Canon, Toyota Motor, Panasonic and Sony lost 4-7 percent. Uniqlo-brand owner Fast Retailing declined more than 2 percent and Nvidia supplier Advantest gave up 4.6 percent.
Consulting firm Baycurrent soared 12.5 percent after raising its annual net profit forecast and announcing a share buyback to boost shareholder value.
Seoul stocks ended lower, with the Kospi falling half a percent to 2,432.72 amid an intensifying trade conflict between the United States and China.
Samsung Electronics, POSCO Holdings, LG Energy Solution and Hyundai Motor declined 2-5 percent.
Australian markets fell notably as investors fretted about the fallout from U.S. tariffs on global economic growth.
Reports suggested that Australia has declined China's proposal to form an alliance against Washington's tariffs, opting instead for diversified trade partnerships and diplomatic negotiations.
The benchmark S&P/ASX 200 Index dropped 0.8 percent to 7,646.50, with mining, energy and healthcare stocks pacing the declines. The broader All Ordinaries Index closed down 0.8 percent at 7,853.70.
Across the Tasman, New Zealand's benchmark S&P/NZX-50 Index tumbled 1.5 percent to 12,019.13.
U.S. stocks ended lower overnight after a historic rally in the previous session in response to the temporary tariff relief.
President Trump didn't rule out extending his 90-day tariff pause but said if the White House can't come to new agreements with its trading partners, the steeper rates would go back into effect.
In economic news, U.S. inflation cooled broadly in March, while there was a slight increase in jobless claims last week.
The tech-heavy Nasdaq Composite plunged 4.3 percent, as the White House confirmed that the cumulative tariff rate on China would actually total 145 percent. The S&P 500 tumbled 3.5 percent and the Dow lost 2.5 percent.
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April 18, 2025 13:26 ET Some key data were released this week amid the escalating tariff war between the U.S. and other countries. Retail sales data from the U.S. revealed that consumers have started to prepare for a future increase in prices and factory activity has started to get hurt due to a fall in export demand. In Europe, the European Central Bank rate decision and inflation data from the U.K. were the highlights. News flow in Asia this week was dominated by the first quarter economic growth data from China.