(fxcue news) - Asian stocks ended mostly lower on Friday after rising sharply in the previous session in repose to U.S. President Donald Trump's 90-day tariff pause. Chinese and Hong Kong markets outperformed amid expectations for stronger stimulus. The U.S. dollar slumped to a decade-low versus the Swiss franc amid economic and policy turmoil, while gold jumped more that 1 percent to reach a new high above $3,200 per ounce, following a short period of consolidation last week. Crude oil prices were on track to book their second consecutive weekly loss as demand concerns intensified. China's Shanghai Composite index rose 0.45 percent to 3,238.23 as market participants awaited the outcome of a Thursday meeting planned by China's top leaders to discuss additional stimulus. Hong Kong's Hang Seng index jumped 1.13 percent to 20,914.69 after Trump said the first trade deals are "very close" and voiced optimism that China would eventually come to the table. Japanese markets tumbled as a stronger yen weighed on export-related shares. The Nikkei average fell 2.96 percent to 33,585.58 while the broader Topix index settled 2.85 percent lower at 2,466.91. Canon, Toyota Motor, Panasonic, Sony lost 4-7 percent. Uniqlo-brand owner Fast Retailing declined more than 2 percent and Nvidia supplier Advantest gave up 4.6 percent. Consulting firm Baycurrent soared 12.5 percent after raising its annual net profit forecast and announcing a share buyback to boost shareholder value. Seoul stocks ended slightly lower, with the Kospi average falling half a percent to 2,432.72 amid an intensifying trade conflict between the United States and China. Samsung Electronics, POSCO Holdings, LG Energy Solution and Hyundai Motor declined 2-5 percent. Australian markets fell notably as investors fretted about the fallout from U.S. tariffs on global economic growth. Reports suggested that Australia has declined China's proposal to form an alliance against Washington's tariffs, opting instead for diversified trade partnerships and diplomatic negotiations. The benchmark S&P/ASX 200 dropped 0.82 percent to 7,646.50, with mining, energy and healthcare stocks pacing the declines. The broader All Ordinaries index closed down 0.76 percent at 7,853.70. Across the Tasman, New Zealand's benchmark S&P/NZX-50 index fell 1.49 percent to 12,019.13. U.S. stocks ended lower overnight after a historic rally seen in the previous session in response to the temporary tariff relief. President Trump didn't rule out extending his 90-day tariff pause but said if the White House can't come to new agreements with its trading partners, the steeper rates would go back into effect. In economic releases, U.S. inflation cooled broadly in March while there has been a slight increase in jobless claims last week. The tech-heavy Nasdaq Composite plunged 4.3 percent as the White House confirmed that the cumulative tariff rate on China would actually total 145 percent. The S&P 500 tumbled 3.5 percent and the Dow lost 2.5 percent.