Global growth concerns weigh on Asian markets, Japan outperforms.
Most Asian stock markets were subdued on Friday due to concerns of a global slowdown after soft economic data from the US and China. The dollar held onto its gains from safe-haven flows. Japanese shares outperformed, with the Nikkei climbing 0.9% to its highest level since November 2021. China's bluechips fell 1.1%, and Hong Kong stocks were down 0.7% on the day. Banking fears lingered with PacWest down 23%. The US Federal Deposit Insurance Corporation said big lenders would bear the cost of replenishing its deposit insurance fund caused by recent bank failures.