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Hong Kong - Asian markets slipped on Wednesday despite record closing highs on Wall Street, with Tokyo stocks retreating after the central bank stood pat on monetary policy even as Japan tipped back into recession.
Sydney dropped 0.57% to 5 368.8, Shanghai lost 0.22% to 2 450.99 and Hong Kong fell 0.66% to 23 373.31.
Seoul ended flat, shedding 0.14 points to 1 966.87.
Tokyo shed 0.32% to end at 17 288.75 after Bank of Japan policymakers trimmed their inflation expectations but held off fresh monetary easing.
On Tuesday Japanese Prime Minister Shinzo Abe called for early elections to seek a mandate for delaying next year's sales tax increase, after data showed the Japanese economy was in recession - hammered by a sales tax rise in April.
READ: Shock Japan recession a blow to global economy
"Abe's actions were in line with market expectations, which had been building for several days," said Eiji Kinouchi, chief technical strategist at Daiwa Securities.
"Historically, the market tends to rise between the time elections are declared and when the vote actually occurs, and foreign investors, importantly, appear to be embracing the decision," Kinouchi told Dow Jones Newswires.
On Wall Street on Tuesday, the Dow Jones Industrial Average climbed 0.23% and the S&P 500 rose 0.51% to close at fresh records following solid economic data from Germany and the United States.
READ: Dow, S&P 500 at fresh records
Investment sentiment in the eurozone's biggest economy rebounded in November, a survey showed Tuesday.
After hitting a 22-month low in October, the widely watched investor confidence index calculated by the ZEW economic institute was back in positive territory in November, jumping to 11.5 points from minus 3.6 points the previous month.
The European single currency rose on the upbeat data, trading at $1.2516 and ¥146.94 in Asian afternoon trade from $1.2482 and ¥145.68 late on Tuesday.
And in the United States, homebuilder confidence rose by four points to 58, according to the National Association of Home Builders/Wells Fargo Housing Market Index.
The dollar rose to ¥117.40 from ¥116.83 in New York on Tuesday afternoon and ¥116.57 in Tokyo earlier on Tuesday.
Oil prices were mixed in Asia as dealers predicted that leading producer Saudi Arabia would resist pressure from other Opec members to cut output in order to prop up falling prices.
READ: Oil mixed as hopes dim for Opec output cut
US benchmark West Texas Intermediate for December delivery fell 44 cents to $74.17, while Brent crude for January rose 8c to $78.55 in afternoon trade.
Gold was at $1 200.30 an ounce, compared with $1 202 late on Tuesday.
In other markets:
- Mumbai fell 0.46% to end at 28 032.85.
Tata Steel dropped 3.08% to 471.45 rupees, while Dr Reddy's Laboratories rose 2.45% to 3 514.85 rupees.
- Bangkok fell 0.24% to 1 577.55.
Kasikorn Bank added 2.09% to 244.00 baht, while Siam Cement fell 0.88% to 448.00 baht.
- Malaysia's main stock index rose 6.01 points to close at 1 824.39.
Public Bank added 0.22% to 18.34 ringgit, Tenaga Nasional gained 0.73% to 13.74 while Airasia X lost 7.86% to 0.65 ringgit.
- Jakarta ended up 0.50% at 5 127.93.
Cigarette maker Gudang Garam gained 2.04% to 63 700 rupiah, while retailer Hero Supermarket slipped 1.00% to 2 475 rupiah.
- Singapore rose 0.63% to 3 334.56.
Agribusiness company Wilmar International gained 0.31% to Sg$3.24, while Oversea-Chinese Banking Corporation rose 2.34% to Sg$10.50.
- Taipei gained 1.18% to 8 963.24.
TSMC rose 3.42% to Tw$136.0 while HTC was 1.14% higher at Tw$133.5.
- Manila ended flat, edging down 6.17 points to 7 269.49.
Top-traded Megaworld rose 1.61% to 5.05 pesos while Philippine Long Distance Telephone shed 0.07% to 2 992 pesos.
