Asian markets largely fell on Friday following a broadly negative performance from Wall Street, where profit-taking led to a sell-off in tech giants. Traders are also closely monitoring the yen as it nears a three-decade low.

A series of disappointing US economic data pointed to a softening economy, with more unemployment claims, declining housing starts, and a drop in business confidence for June. Despite boosting hopes for interest rate cuts, these figures were overshadowed by losses in major tech firms like Nvidia, Apple, and Microsoft, which had driven the recent rally in US markets.

Nvidia's 3.5 percent drop caused it to lose its position as the world's most valuable publicly traded firm to Microsoft.

In Asia, markets tracked Wall Street's weak lead, with Hong Kong, Shanghai, Seoul, Wellington, Taipei, and Manila all down, while Singapore, Sydney, and Jakarta saw slight gains, and Tokyo remained flat.

Attention has turned to the yen as it approaches a 34-year low against the dollar, leading to potential intervention by Japanese authorities. Fading hopes for multiple US rate cuts this year have strengthened the dollar, affecting the yen due to the Bank of Japan's slow pace in tightening monetary policy. Although the BoJ is expected to announce further normalization measures, the significant yield differential between the US and Japan means investors favor US assets.

The yen showed minimal movement on Friday, following a weakening trend to around 159 per dollar from 157.80. Top currency official Masato Kanda reiterated the government's readiness to act if movements were too rapid, considering a 10-yen shift too extreme. Previous suspected interventions occurred when the yen fell past 160 to the dollar, but analysts suggest these had little long-term impact.

Monex's Helen Given expressed skepticism about the effectiveness of further interventions, citing the significant yield differential and the limited likelihood of US rate cuts this year.

Key Figures Around 0230 GMT:

- Tokyo - Nikkei 225: FLAT at 38,626.95 (break)
- Hong Kong - Hang Seng Index: DOWN 1.3 percent at 18,100.46
- Shanghai - Composite: DOWN 0.2 percent at 3,000.94
- Euro/dollar: UP at $1.0713 from $1.0705 on Wednesday
- Euro/pound: UP at 84.61 pence from 84.56 pence
- Dollar/yen: DOWN at 158.90 yen from 158.91 yen
- Pound/dollar: UP at $1.2662 from $1.2657
- West Texas Intermediate: DOWN 0.1 percent at $81.20 per barrel
- Brent North Sea Crude: DOWN 0.1 percent at $85.59 per barrel
- New York - Dow: UP 0.8 percent at 39,134.76 (close)
- London - FTSE 100: UP 0.8 percent at 8,272.46 (close)