ASIAN stock markets have closed mixed but Tokyo closed lower after the Bank of Japan (BoJ) announced monetary easing that was only slightly bigger than market forecasts and cut its growth outlook.
With US markets closed because of Hurricane Sandy, Wall Street gave regional investors no lead but comments from Spain and Greece revived eurozone concerns.
Tokyo fell 0.98 per cent, or 87.36 points, to 8,841.98 on Tuesday while Seoul closed 0.43 per cent higher, adding 8.06 points to 1,899.58.
Sydney, which closed before the BoJ announcement, rose 0.20 per cent or 8.8 points to 4,485.7.
Hong Kong was 0.38 per cent lower, shedding 82.47 points to 21,428.58 but Shanghai gained 0.17 per cent, or 3.41 points, to 2,062.35.
Just before the Tokyo market closed the central bank said it would add another Y11 trillion ($A134.14 billion) to its Y80 trillion asset purchase scheme to provide liquidity to the economy and jumpstart growth.
It also said it expected the economy to grow just 1.5 per cent in the year to March, instead of the 2.2 per cent previously predicted.
Expectations of new easing had sent markets higher in recent weeks, while the yen had suffered a sell-off.
"The vast majority of experts seemed to think that the central bank would go for 10 trillion yen, with a few as far out as 20 trillion yen, so the weighted average probably came out somewhere right around where the BoJ settled," CLSA equity strategist Nicholas Smith told Dow Jones Newswires.
Despite a similar move last month, Japan's economy appears unable to emerge from its stupor.
Figures earlier on Tuesday showed factory output fell 4.1 per cent last month, much worse than the 3.1 per cent drop expected, with a slump in production of cars, auto parts and machinery a key cause.
In Greece the finance ministry said banks would not be able to swap greatly devalued holdings of national debt for bonds issued by the new European Stability Mechanism.
The news comes as Athens remains locked in talks with its international creditors over accessing its next tranche of rescue funds, as well as over a possible extension of a timetable to initiate crucial reforms.
Spanish Prime Minister Mariano Rajoy reiterated that his own debt-laden, recession-hit economy does not need a bailout, even as a ninth region made an appeal for rescue funds from Madrid.
The yen clawed back some of its recent losses against the euro and dollar soon after the BoJ's comments.
And in late Tokyo trade the dollar bought Y79.47 compared with Y79.80 in New York late on Monday.
The euro bought $US1.2945, compared with $US1.2900, and Y102.88, from Y102.95.
CLSA's Smith said he thought the "dollar-yen was vastly overbought over its recent steep run-up".
Oil prices were down as Hurricane Sandy forced the shutdown of refineries, roads and airports.
New York's benchmark oil futures contract, West Texas Intermediate light sweet crude for delivery in December, was down 19 US cents to $US85.35 a barrel in afternoon trade. Brent North Sea crude for December fell 41 US cents to $US109.03.
Gold was at $US1,714.33 at 1920 AEDT, compared with $US1,712.20 late on Monday.
In other markets:
- Taipei rose 1.28 per cent, or 90.92 points, to 7,182.59.
- Manila closed 0.54 per cent higher, gaining 29.25 points to 5,426.67.
Metropolitan Bank and Trust gained 0.86 per cent to 93.65 pesos while Ayala Corp rose 0.45 per cent to 442 pesos.
- Wellington fell 0.25 per cent, or 10.01 points, to 3,941.28.
Fletcher Building was down 2.12 per cent at $NZ6.92 and Telecom was up 1.68 per cent at $NZ2.42.
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