Most Asian stocks were rangebound on Friday amid a dearth of immediate trading cues, while Japanese shares sank in anticipation of a hotly contested general election set to take place this weekend.
Oil prices rose in Asian trade on Friday and were headed for a positive week as persistent concerns over a worsening Middle East conflict kept a risk premium largely in play.
The dollar was on the defensive on Friday following its biggest drop in a month against major peers, as it tracked a retreat in U.S. yields from nearly three-month highs after depressed Treasury prices drew buyers.
Most Asian stocks fell on Thursday as rising U.S. Treasury yields pressured technology stocks, while weak economic prints from several regional economies also weighed on sentiment.
Oil prices climbed by more than 1% on Thursday, almost reversing previous session's losses, as Middle East tensions came back into focus ahead of the U.S. election despite a mixed bag of U.S. fuel inventories.
The U.S. dollar traded close to a three-month high against major peers on Thursday, underpinned by expectations for a slower pace of interest rate cuts by the Federal Reserve and growing bets of a possible second Donald Trump presidency.