Most Asian markets retreated Wednesday as traders moved their chips amid concerns the U.S. Federal Reserve may hike interest rates soon, with Japan's shares ending a tad down after topsy-turvy trade.
In Japan, the Nikkei 225 slipped 8.11 points, or 0.1%, to 16,644.69.
Japan's gross domestic product for the January-to-March period grew faster than expected, with real GDP rising 0.4% on quarter compared with an economist poll forecast for 0.1 percent growth. Annualized GDP for the period grew 1.7%, compared with expectations from another poll for 0.2% growth.
The Japanese currency climbed as high as 108.70 against the U.S. dollar and as weak as 109.51 in late afternoon trade, compared with around 109.09 before the data. Soon before the end of the session, the U.S. dollar was fetching 109.45 yen.
In Hong Kong, the Hang Seng index tumbled 292.39 points, or 1.5%, to 19,826.41
The Federal Open Market Committee is scheduled to release its April meeting minutes at 2 p.m. ET Wednesday and many analysts are concerned the minutes could be more hawkish than the statement that followed April's meeting.
While analysts said Japan's GDP data were likely strong enough to prevent full-bore easing measures from the Bank of Japan, the numbers may have helped to drive shares of the country's banks higher, with speculation that the central bank may take targeted steps.
Mizuho Financial climbed 2.7%, Mitsubishi UFJ tacked on 4.3% and SMFG rose 3.4%
Suzuki shares tumbled 9.4%, but retraced some losses after hitting their lowest levels in two years after Japan media reported the company had used improper fuel economy testing methods.
Other auto shares also lost ground, with Honda shedding 1.2%. Bucking the trend, Mitsubishi Motors added 3.9% after the Nikkei newspaper reported that the car maker's president would step down after the April scandal over improper fuel economy data for the company's cars.
Among energy concerns, in Japan, Inpex jumped 8.1% after rising 3.2% Tuesday.
But in Australia, Santos shed 0.5% after rising 6.3% Tuesday and Woodside fell 0.8% after tacking on 2.9% Tuesday.
In Singapore, Noble shares dropped 6.1% after Fitch downgraded its rating to BB+ from BBB-, saying the company's shift toward shorter term financing will lead to a weakening debt maturity profile that isn't consistent with an investment grade rating.
In other markets
The CSI 300 Index faded 17.99 points, or 0.6%, to 3,068.04
In Korea, the Kospi Index gained 11.33 points, or 0.6%, to 1,956.73
In Singapore, the Straits Times Index lopped off four points, or 0.1%, to 2,777.11
In Taiwan, the Taiex Index added 19.2 points, or 0.2%, to 8,159.68
New Zealand’s NZX 50 progressed 7.76 points, or 0.1%, to 6,982.63
The ASX 200 settled 39.67 points, or 0.7%, to 5,356.20
