This is CNBC's live blog covering Asia-Pacific markets.

Asia-Pacific markets were mixed Friday, breaking ranks with Wall Street after U.S. Federal Reserve Jerome Powell said the central bank does not need to be "in a hurry to lower rates."

Speaking in Dallas, Powell pointed out that strong U.S. economic growth will allow policymakers to take their time in deciding how far and how fast they should lower interest rates.

In Asia, investors will assess key economic data from China on Friday, which will announce October figures for retail sales, industrial output and the urban unemployment.

Japan on Friday reported its third-quarter GDP expanded 0.3% year-on-year, snapping two straight quarters of year-on-year declines. On a quarter-on-quarter basis, GDP rose 0.2%, in line with Reuters poll estimates.

Japan's Nikkei 225 was up 0.76% after the GDP announcement, while the broad-based Topix rose 0.8% higher. The yen weakened 0.2% against the U.S. dollar to 156.47.

In contrast, South Korea's Kospi was 0.45% lower, and the small-cap Kosdaq fell 0.97%.

Australia's S&P/ASX 200 climbed 0.42%.

Hong Kong's Hang Seng index rose 0.27%, while mainland China's CSI 300 fell 0.38%.

Overnight in the U.S., all three indexes fell, with the  Dow Jones Industrial Average dropping 0.47%.

The S&P 500 fell 0.6%, while the Nasdaq Composite pulled back 0.64%.

So-called "Trump trades" also lost steam as the market rally cooled. Tesla tumbled 5.8%, while the small-cap benchmark Russell 2000 dropped more than 1%, underperforming the major averages.

— CNBC's Brian Evans and Sarah Min contributed to this report.

Yen now in a 'dangerous zone,' Keio University's Sayuri Shirai says

The Japanese yen is now in a "dangerous zone," according to Keio University professor Sayuri Shirai. On Friday, the currency weakened to a new four-month low against the U.S. dollar on Friday, trading as much as 156.74 against the greenback.

With the move, the yen is on pace for a fifth straight day of weakening, according to LSEG data, and comes after Japan released its third quarter GDP numbers.

Speaking to CNBC's "Squawk Box Asia", Shirai said that cost-push inflation was reemerging due to the yen's depreciation, pointing to October's wholesale inflation rate, which reached its highest since July last year at 3.4%.

A hawkish signal from the Bank of Japan was needed to stop the "sharp depreciation" of the currency, Shirai said.

— Lim Hui Jie

Japan's economy expands 0.3% in third quarter, first rise in 2024

Japan's third-quarter real gross domestic product expanded 0.3% year on year, snapping two straight quarters of year-on-year declines.

The GDP reading marked a reversal from the revised 1.1% decline seen in the second quarter. On a quarter-on-quarter basis, GDP rose 0.2%, in line with Reuters poll estimates.

On an annualized basis, the economy expanded 0.9%, beating estimates of a 0.7% expansion. However, this was a sharp decline from the 2.9% rise in the quarter before.

Read the full story here.

— Lim Hui Jie

CNBC Pro: Citi says this Korean stock is a 'unique direct' beneficiary of Nvidia's new AI chip, giving it 40% upside

Citi says a South Korean firm will be a significant beneficiary of Nvidia's next generation of AI chips and expects its stock to rise by more than 40% in the next 12 months.

The Wall Street bank added that the company's AI-related revenue could rise by 90% next year.

CNBC Pro subscribers can read more about the stock here.

— Ganesh Rao

'Postelection exuberance' helped speed up record year for ETFs, State Street's Bartolini says

The U.S. ETF industry set its year-to-date inflow record this week, helped by "postelection exuberance," according to Matt Bartolini, head of Americas ETF research at State Street Global Advisors.

"Heading into the election, ETF flows were already on pace to break records. What happened was the market environment turned and went significantly exuberant. ... All of a sudden, there was a rush of assets into ETFs from a wide range of investors," Bartolini said.

Outside flows into broad index funds, Bartolini also pointed to the SPDR S&P Regional Banking ETF (KRE) as a fund that has benefited from the market response to the election. The fund has more than $1.1 billion of net inflows over the past week, according to FactSet.

Bartolini also said that he has Dec. 9 circled as the date for inflows for the U.S. ETF industry to hit $1 trillion this year.

— Jesse Pound

Trump trade stocks extend losses on Thursday

Key stocks that are viewed as pillars of the so-called Trump trade pulled back further on Thursday.

Shares of the Trump Media & Technology Group slipped nearly 8%. Stock in the incoming president's social media company have shed nearly 16% this week.

Stock in Tesla, which saw shares soar in the wake of Donald Trump's election victory last week, moved lower by 4%.

One key component of the Trump trade bucked the trend. The dollar index advanced 0.08% and reached its highest level in over a year earlier on Thursday.

— Brian Evans

Dollar index reaches 1-year high

The dollar index gained 0.3% Thursday at 106.79, its highest level since Nov. 1, 2023.

The greenback also strengthened 0.2% against the yen at 156.25, the strongest level since July 23.

Since President-elect Donald Trump won the election, the dollar has appreciated 2.8% and 2.1% against the yen and the Chinese yuan. The euro and the pound sterling have both weakened 3.6% and 2.8% against the greenback, respectively.

— Hakyung Kim, Gina Francolla