(fxcue news) - Asian stock markets are trading mixed on Friday, following the mixed cues from Wall Street overnight, as US Treasury yields eased on improved US data and comments from a US Fed official that he still sees a path to interest rate cuts later this year. Concerns about the fiscal impact of the US Republican tax cut bill is weighing on the markets. Asian markets ended mostly lower on Thursday. The US House of Representatives passed a controversial bill that could add trillions to the federal government's already massive debt and widen the deficit at a time when the economy is facing the risk of stagflation due to tariff uncertainty. The Australian stock market is trading modestly higher on Friday after opening in the red, reversing some of the losses in the previous session, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving to near the 8,400 level, with gains across most sectors led by financial and technology stocks. The benchmark S&P/ASX 200 Index is gaining 22.60 points or 0.27 percent to 8,371.30, after touching a high of 8,380.60 and a low of 8,339.60 earlier. The broader All Ordinaries Index is up 25.20 points or 0.29 percent to 8,596.60. Australian stocks closed notably lower on Thursday. Among major miners, BHP Group is edging down 0.2 percent, Fortescue Metals is declining 1.5 percent and Rio Tinto is losing almost 1 percent, while Mineral Resources is gaining more than 1 percent. Oil stocks are mostly higher. Santos is gaining almost 1 percent, while Woodside Energy and Beach energy are edging up 0.2 to 0.5 percent each. Origin Energy is edging down 0.1 percent. Among tech stocks, Afterpay-owner Block is surging more than 6 percent, Xero is edging up 0.3 percent, Zip is advancing more than 4 percent, WiseTech Global is gaining almost 1 percent and Appen is adding more than 2 percent. Among the big four banks, Commonwealth Bank, Westpac, ANZ Banking and National Australia Bank are all gaining almost 1 percent each. Gold miners are mostly lower. Gold Road Resources is edging down 0.3 percent, while Northern Star Resources and Newmont are losing almost 1 percent each. Evolution Mining is edging up 0.3 percent. Resolute Mining is flat. In other news, shares in Uranium miners rallied following a report US President Donald Trump will sign an executive order as soon as Friday to eases the regulatory process on approvals for new nuclear reactors, and strengthen supply chains. Paladin Energy leapt almost 10 percent, Boss Energy was up almost 11 percent and Deep Yellow jumped more than 8 percent. In the currency market, the Aussie dollar is trading at $0.643 on Friday. Reversing the losses in the previous two sessions, the Japanese market is significanrly higher on Friday, following the mixed cues from Wall Street overnight. The Nikkei 225 is moving above the 37,250 level, with gains across most sectors led by index heavyweights, exporters and technology stocks. The benchmark Nikkei 225 Index closed the morning session at 37,280.84, down 294.97 points or 0.80 percent, after hitting a low of 37,126.60 earlier. Japanese shares ended significantly lower on Thursday. Market heavyweight SoftBank Group is edging up 0.5 percent and Uniqlo operator Fast Retailing is gaining almost 1 percent. Among automakers, Toyota is edging up 0.5 percent and Honda is flat. In the tech space, Advantest is advancing more than 2 percent, Tokyo Electron is gaining more than 1 percdent and Screen Holdings is edging up 0.1 percent. In the banking sector, Sumitomo Mitsui Financial and Mizuho Financial are gaining almost 1 percent each, while Mitsubishi UFJ Financial is edging up 0.4 percent. Among the major exporters, Sony is gaining more than 1 percent and Canon is adding almost 1 percent, while Panasonic and Mitsubishi Electric are advancing more than 2 percent each. Among other major gainers, Japan Steel Works is soaring more than 8 percent and Sumitomo Electric Industries is surging more than 7 percent, while Fujikura and Fujitsu are gaining almost 4 percent each. Renesas Electronics and BANDAI NAMCO are adding almost 3 percent each. Conversely, there are no other major losers. In economic news, consumer prices in Japan were up 3.6 percent on year in April, the Ministry of Internal Affairs and Communications said on Friday - in line with expectations and unchanged from the March reading. On a seasonally adjusted monthly basis, consumer prices rose 0.4 percent - again, in line with expectations and accelerating slightly from 0.3 percent in the previous month. Core consumer prices were up 3.5 percent on year, exceeding expectations for an increase of 3.4 percent and up from 3.2 percent a month earlier. On a monthly basis, core CPI was up 0.2 percent, easing from 0.3 percent in April. In the currency market, the U.S. dollar is trading in the higher 143 yen-range on Friday. Elsewhere in Asia, New Zealand, Singapore and Taiwan are lower by between 0.1 and 0.4 percent each, while Hong Kong, Malaysia and Indonesia are higher by between 0.3 and 0.5 percent each. China and South Korea are relatively flat. On Wall Street, stocks moved mostly higher over the course of the trading day on the Thursday but gave back ground in the latter part of the session to close roughly flat. The major averages pulled back well off their highs in the final hour of trading before closing narrowly mixed. While the Nasdaq rose 53.09 points or 0.3 percent to 18,925.73, the Dow edged down 1.35 points or less than a tenth of a percent to 41,859.09 and the S&P 500 slipped 2.60 points or less than a tenth of a percent to 5,842.01. Meanwhile, the major European markets moved to the downside on the day. While the French CAC 40 Index slid by 0.6 percent, the German DAX Index and the U.K.'s FTSE 100 Index both declined by 0.5 percent. Crude oil prices saw further downside on Thursday after reports suggested that OPEC members are discussing a third consecutive oil production surge in July. West Texas Intermediate crude for July delivery slid $0.37 or 0.6 percent to $61.20 a barrel.