After the release of inflation data, Japan's stock markets rise, while other Asian markets show varying performance.

• Japan's headline inflation rate increased to 2.8%, surpassing the previous month's rate of 2.5%. However, the core inflation rate, which excludes fresh food prices, was lower than anticipated at 2.5%.
• On Thursday, the S&P 500 reached a high of 5,500 before pulling back.

Japan's May core inflation data came in slightly cooler than expected, causing mixed reactions in Asia-Pacific markets.

The core inflation rate, excluding fresh food prices, for the country was 2.5% in May, according to a Reuters poll of economists, who predicted it to be 2.6% compared to April's 2.2%.

The "core-core" inflation rate, which excludes the prices of fresh food and energy, was 2.1% in May, lower than the 2.4% recorded in April. This measure is taken into account by the Bank of Japan when developing the country's monetary policy.

Japan's headline inflation rate increased to 2.8% in May, surpassing the 2.5% rate recorded in April.

The broad-based Topix gained 0.52% as Japan's trading day began close to the flatline.

South Korea's stock market slipped by 0.44%, while the small-cap Kosdaq saw a bigger loss of 0.5%. Meanwhile, Australia's S&P/ASX 200 inched up marginally.

The Hang Seng index futures in Hong Kong were lower than the last close of the HSI, which stood at 18,335.32.

In the U.S., the S&P 500 ended the night 0.25% lower, despite hitting a new high earlier in the day. The Nasdaq Composite dropped 0.79%, while the Dow Jones Industrial Average rose 0.77%. Nvidia, a chipmaker, fell 3.5% after experiencing a rise earlier in the trading session.

—CNBC's Samantha Subin and Brian Evans contributed to this report.