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Asian stocks closed mostly lower, as shares of Samsung Group were in focus after the arrest of its chief. Jay Y. Lee was arrested on Friday, over his alleged role in the corruption scandal that prompted South Korea's parliament to impeach President Park Geun-hye.

South Korea's Kospi finished nearly flat at 2,080.58. Samsung Electronics dropped 0.4 percent at 1,893,000 Korean won. Shares of Samsung SDI rose 0.8 percent, Samsung Electro-Mechanics added 0.8 percent, Samsung C&T shed two percent while Samsung Engineering was down 1.2 percent. Japan's Nikkei 225 retreated 0.58 percent to 19,234.62 and the Topix slid 0.42 percent to 1,544.54. Sharp bucked the trend and finished 2.80 percent higher at 331 yen, after the Japanese electronics firm revised its earnings estimates.

Australia's ASX 200 was down 0.18 percent at 5,805, as major resource producers declined more than one percent each. China's Shanghai composite fell 0.86 percent to 3,201.96 while the Shenzhen composite dropped 0.66 percent to 1,945.10. Hong Kong's Hang Seng was trading 0.5 percent lower.

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The euro settled above the $1.23 line on Friday and is on track for its smallest week of gains in ten months as investors marked time ahead of the European Central Bank's meeting next week where policymakers might give insight on removing policy stimulus.

Long euro bets are the biggest consensus trade in the foreign exchange market, with net positions holding near a record high despite PMIs recording a sizeable drop in March and mixed inflation data.

The European Central Bank meets next week and expectations have grown that policymakers may take another small step in exiting its ultra-easy monetary policy after dropping a long-standing pledge to raise its bond buying if needed at its last meeting in March.

The euro was trading broadly flat at $1.2334 and is on track to increase less than 0.1 this week, its smallest week of gains since June 2017.

Sterling was moving lower on Friday to $1.4041 having fallen almost one percent in the New York session after Bank of England Governor Mark Carney said that a rate hike this year was "likely".

Expectations of a UK interest rate hike in May has dropped to around 40 percent from 70 percent earlier this week after Carney's remarks.

The dollar index, which measures the greenback against a basket of peer currencies, was up 0.1 percent.

The greenback rose to 107.54 yen, rising 0.2 percent on the day and moving near its seven-week peak of 107.78 yen notched last week.

A slump on Wall Street spilled over to Asian markets on Friday, with regional stock ending stock indexes closing the day modestly lower amid declines in the technology sector.

Japan's Nikkei 225 edged down 0.13 percent or 28.94 points, to close at 22,162.24 as semiconductor firms declined while financials and utilities mostly advanced.

South Korea's Kospi index fell by 0.39 percent to 2,476.33 and Australia's S&P/ASX 200 closed the day down 0.21 percent at 5, 868.80.

Greater China markets also posted declines, with Hong Kong's Hang Seng Index edging down 0.67 percent. Mainland markets observed bigger declines, with the Shanghai composite index declining 1.47 percent to end at 3,071.47 and the Shenzhen composite shedding 2 percent to close at 1, 778.34. Losses during the session were broad-based, with airline, carmakers and financials taking a hit.

Semiconductor firms in the Asian region traded lower after Taiwan Semiconductor Manufacturing, the biggest contract chipmaker globally, issued a guidance that second-quarter revenue will come in between $7.8 billion and $7.9 billion, below estimates of $8.8 billion.

The weak guidance of the firm was attributed by Morgan Stanley to order reductions from Apple iPhone processors. Shares of TSMC fell 6.34 percent, weighing down Taiwan's Taiex by 1.75 percent.

In Japan, Tokyo Electron and Advantest fell 2.05 percent and 2.21 respectively. South Korea's Samsung Electronic declined 2.2 percent and chipmaker SK Hynix fell 3.98 percent.

Oil prices edged down on Friday but continued to hover near three-year highs hit earlier this week, with ongoing OPEC-led supply cuts and solid demand gradually siphoning excess supplies.

Brent crude oil futures stood at $73.62 per barrel, falling 16 cents or 0.2 percent from their last settlement.

U.S. WTI crude futures traded down 20 cents or 0.3 percent at $68.09 per barrel.

Both crude contracts hit their highest levels since November 2014 in the prior session, with Brent at $74.75 and WTI at $69.56 per barrel respectively. WTI is positioned for its second weekly increase, rising over 1 percent this week, while the Brent is also set to increase for a second week, gaining around 1.5 percent.

According to traders, the Friday's declines were the results of investors lockin in their profits after Thursday's multi-year highs. Oil prices have been lifted by a gradually tightening market.

OPEC, along with other producers, has been limiting production since 2017 to reduce a global supply glut that had weighed down crude prices between 2014 and 2016.

U.S. investment bank Jefferies said commercial inventories in the OECD are now basically at their five-year average and drawdowns will possible speed up as refiners restart operations from maintenance before the peak seasonal demand. It added that OECD commercial inventories could retreat back to a level not observed since the oil prices' downward trajectory started in 3Q14. It said that on a day of forward basis, cover could decline below 57 days later this year, a level last seen in 2011.