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Hong Kong - Asian markets were mixed on Thursday following a record close on Wall Street, while profit-taking sent Japan's Nikkei to its first loss since last week and the dollar retreated after breaking ¥115.
Wall Street had provided a strong lead, with record closes for the Dow and S&P 500 after Republicans took control of the US Congress.
Focus will now be on the release Friday of US jobs data, which will give the latest snapshot of the economy and give an idea about the Federal Reserve's plans for interest rates.
Tokyo slipped 0.86% after surging more than 10% since last Wednesday, helped by the Bank of Japan's monetary easing announcement. The Nikkei lost 144.84 points to finish at 16 792.48.
Sydney slipped 0.21% to 5 506.1 but Seoul rose 0.26% to close at 1 936.48 and Shanghai added 0.27% to 2 425.86. Hong Kong closed down 0.20% to 23 649.31 - the fourth straight day of losses.
US shares jumped after Republicans ousted Democrats as the main party in the Senate for the first time in eight years, raising hopes the gridlock that has paralysed Washington for years could be broken.
Analysts said the news would boost the prospects for tax reform, a key oil pipeline and immigration reform. Democratic President Barack Obama said he was "eager to work with the new Congress to make the next two years (of his presidency) as productive as possible".
Traders also welcomed data from payroll company ADP showing the US private sector added 230 000 jobs in October, above the 220 000 projected by analysts.
The Dow jumped 0.58% to a new record, while the S&P 500 also hit an all-time high after tacking on 0.57%. The Nasdaq was marginally lower, losing 0.06%.
The dollar paused in its rally against the yen, which was sparked by the BoJ's surprise decision on Friday to widen its already huge monetary base, effectively printing more money.
In Tokyo foreign exchange trade the greenback hit a seven-year high of ¥115.51 before easing to ¥114.40. While that is below the ¥114.69 in New York on Wednesday afternoon, it is still sharply higher than the ¥114.06 in Asia earlier on Wednesday.
The yen was also soft against the euro. The single currency sat at ¥143.20 against ¥143.18 in US trade.
The euro was worth $1.2520 compared with $1.2484 in New York.
However, the common currency continues to face pressure after the European Commission this week slashed its 2014 and 2015 growth forecasts for the eurozone.
READ: EU slashes eurozone growth predication
The European Central Bank, which holds a monetary policy meeting on Thursday, is expected to hold fire on new moves after recently unleashing radical measures to prop up the ailing eurozone.
On oil markets, crude futures added to Wednesday's gains that came after a US inventories report showed a smaller-than-expected increase in supplies.
US benchmark West Texas Intermediate for December delivery rose 18 cents to $78.86 while Brent crude for December was up 13c to $83.08 in afternoon trade.
The gains add to those seen late on Wednesday when WTI jumped $1.49 and Brent climbed 13c.
Gold was $1 144.41 an ounce from $1 148.34 late on Wednesday.
In other markets:
- Manila added 0.39% to 7 236.63.
The Philippine Long Distance Telephone fell by 2.34% to 2 920 pesos, while BDO Unibank gained 2.91% to 106 pesos.
- Bangkok added 0.21% to 1 580.77
Coal producer Banpu rose 1.85% to 27.50 while Bangkok Bank gained 0.25% to 200.00.
- Jakarta closed down 0.64% at 5 034.23.
Cigarette maker Gudang Garam fell 0.65% to 61 300 rupiah, while Indah Kiat Pulp & Paper added 0.43% to 1 155 rupiah.
- Kuala Lumpur lost 7.31 points to close at 1 831.98.
Utility Tenaga Nasional fell 3.3% to 13.02 ringgit, while Axiata Group shed 1.1% to 6.99. Malaysia Airlines added 1.9% to 0.265 ringgit.
- Singapore closed up 0.10% to 3 290.96.
Oversea-Chinese Banking Corporation rose 0.10% to Sg$10.08 while real estate developer Capitaland fell 1.89% to Sg$3.12.
- Taipei fell 0.80% to 8 891.02
Taiwan Semiconductor Manufacturing was unchanged at Tw$132.0 while Hon Hai Precision Industry shed 2.34% to Tw$95.9.
- Wellington ended marginally higher, edging up 1.46 points to 5 40361.
Warehouse Group was up 0.31% at NZ$3.20 and Trade Me slipped 1.73% to NZ$3.98.
- Mumbai was closed for a public holiday
