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Markets in Asia slipped early Thursday on signals the U.S. could increase rates this year, although Japan shares rallied following the Japanese yen's slight weakening overnight.

The Nikkei Stock Average was up 0.8%, extending a rally from the previous day when state-owned Japan Post Holdings Co. and its financial units began trading, marking the world's biggest initial public offering since the debut of Alibaba Group Holding Ltd. last year.

But weakness in commodity prices hit the sector in Australia, which led the S&P/ASX 200 down 1.3%. The energy sector on the index was off 0.8%.

The Hang Seng Index was off 0.2% and the Shanghai Composite Index was flat.

South Korea's Kospi slipped 0.3%.

The region began on a weak foot after Federal Reserve Chairwoman Janet Yellen said overnight that a rate increase at the central bank's December meeting was a "live possibility." A move would be the first increase in rates for the U.S. since 2006.

Central banks were the main driver of the region's gains in October, although shares have been choppy so far this month as investors temper their expectations for further stimulus. Bank of Japan and the Reserve Bank of Australia held off on introducing easing in the past week.

U.S. stocks slipped overnight and the U.S. dollar gained ground against other currencies following Ms. Yellen's remarks.

The Japanese yen recouped its overnight losses and was last at 121.49 against the U.S. dollar, roughly flat compared with its level in late Asian trade Wednesday.

The yen fell to its weakest level since late August overnight, hitting 121.71 to one U.S. dollar. A weaker yen is generally positive for Japanese stocks, particularly those of exporters.

In Australia, investors looked to the latest signals that their central bank isn't in a rush to ease further. Earlier, Australian central bank Gov. Glenn Stevens reinforced policy makers' recent message that while low inflation is no impediment to lowering interest rates, the non-mining economy is starting to grow.

Chinese investors are speculating about whether authorities will open a stock trading link between Shenzhen and Hong Kong, further loosening investment restrictions on foreigners.

Out-of-date comments from China's central bank raised hopes that the link would materialize by year-end, propelling the Shenzhen Composite Index 5.1% higher on Wednesday and the Shanghai Composite Index up 4.3%. Both indexes had their largest percentage gains in nearly two months.

Hopes for more global cash to Chinese stocks are also building ahead of MSCI Inc.'s decision later this month to possibly include U.S.-listed Chinese firms to its most heavily tracked stock indexes.

In Tokyo, shares of SoftBank Group Corp. fell 1.7% after the company's chairman said during an earnings presentation Wednesday that t housands of jobs will be cut at Sprint Corp. as part of a turnaround effort at the struggling U.S. wireless carrier. SoftBank bought Sprint in 2013.

SoftBank also reported mixed earnings, posting a net profit of ¥ 213 billion ($1.75 billion), which was below analysts' expectations of ¥ 262 billion.

Japan Post Holdings Co. was up 3.6% in early Asia trade, while Japan Post Insurance Co. and Japan Post Bank Co. were up 16% and 6%, respectively. The units of Japan's post-office operator jumped more than 15% each in the first day of trade Wednesday.

Brent oil was last up 0.7% in Asia trade at $46.49. U.S. oil prices fell 3.3% overnight, as weekly U.S. inventory data showed a sixth-straight increase in crude supplies.

Gold prices rose 0.1% to $1,107.80 a troy ounce.

James Glynn and Alexander Martin contributed to this article.

Write to Chao Deng at Chao.Deng@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

November 04, 2015 21:25 ET (02:25 GMT)

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