Asia-Pacific markets fell on Friday as investors on Wall Street continued to rotate out of tech stocks and take profits from the rally in equities in recent weeks.
"There's some profit taking," said Keith Buchanan, senior portfolio manager at Globalt Investments.
Over in Asia, traders will be on the lookout for continued rotation out of tech in the region after chip-related stocks plunged Thursday across Taiwan, Japan and South Korea.
Japan's inflation came in at 2.8% for June unchanged from May, while core inflation, which strips out prices of fresh food, accelerated to 2.6%, from 2.5%.
However, the core inflation reading was lower than the 2.7% expected by a Reuters poll of economists.
Persons:
Keith Buchanan
Organizations:
Wall, Globalt Investments
Locations:
Tokyo . Asia, Pacific, Asia, Taiwan, Japan, South Korea