Nikkei average
A passerby is reflected in an electronic board showing Japan's Nikkei average outside a brokerage in Tokyo

Most Asian markets excluding Australia and Hong Kong have fallen as the yen strengthened against the dollar.

Japan's Nikkei Stock Average declined 0.8 percent or 108.72 points to 13440.4, after reaching its best level since July 2008 on Thursday.

Shanghai Composite index dropped 0.2 percent or 3.6 points to 2216 and South Korea's KOSPI fell 0.4 percent or 8.6 points to 1941.3.

Meanwhile, the benchmark Hang Seng Index edged up 0.1 percent or 16.2 points to 22,117.5 and Australia's S&P/ASX 200 gained 0.1 percent or 2.9 points to 5010.

Earlier, the newly-appointed Bank of Japan Governor Haruhiko Kuroda said that the central bank would be "flexible" with its inflation target and it would check for asset bubbles amid aggressive monetary easing moves.

Some economists were doubtful of the country's monetary easing to escape its growth trap and stressed on the importance of supplementing the policies with more efforts.

The US dollar declined 0.2 percent to 99.51 yen as at 4.37 am GMT. On Thursday, the dollar hit a four-year high of 99.95 yen.

In Hong Kong, the benchmark index gained on the back of strong real estate stocks that more than offset a decline in resource sector shares. The shares benefited from the strong overnight lead from Wall Street.

The benchmark index in Australia witnessed its first weekly gain in five weeks after financial- and energy-sector shares rose in the morning.

Major Movers

In Japan, engineering and construction major Chiyoda Corp. led the decline with its stock falling 9.1 percent. Hino Motors declined 4.9 percent and chemicals company Showa Denko fell 3.8 percent.

Hong Kong movers include China Overseas Land & Investment and China Resources Land, who have climbed 0.9 percent each. Hang Lung Properties advanced 1.5 percent.

Shares of Commonwealth Bank of Australia rose 0.6 percent, Australia and New Zealand Banking Group was higher by 0.3 percent and Macquarie Group gained 0.9 percent. Energy major Woodside Petroleum jumped 2.8 percent.