Tokyo - Key stock markets across Asia edged upwards on Friday, recovering slightly from record drops earlier this week, as investors cautiously ventured back into the market after a surge on Wall Street.

Indexes around the region see-sawed between small gains and losses, as investors reacted to mixed signals from Asia's economies.

Tokyo stocks climbed in early trading Friday after Wall Street's overnight surge.

The Nikkei 225 Stock Average gained 129.66 points, or 1.53 per cent, trading at 8,588.11. The broader Topix index gained 2.6 per cent to 887.43.

The recovery came after Japan's benchmark index plunged 11.41 per cent Thursday.

Sydney - Australian stocks gave up early gains Friday and closed down 1 per cent after gaining 2.8 per cent on the bell.

The initial enthusiasm was created by a Wall Street rally overnight, which saw the blue-chip Dow Jones Industrial Average put on 4.6 per cent.

The ASX 200 eventually gave up 42 points to end the week at 4,3970.

Macquarie Bank economist Lucinda Chan said the reality of a global downturn was weighing on stocks, particularly those backed by commodities.

Wellington - The New Zealand stock market bounced back by 1.6 per cent Friday in the wake of the recovery on Wall Street as investors snapped up bargains after share prices fell by 5 per cent the previous day.

But it was a nervous recovery, with the benchmark NZX 50 index losing ground in the afternoon after gaining more than 2 per cent in morning trading.

It ended the day 44 points up, or 1.59 per cent, on 2808.76.

Tokyo - Tokyo's marketd climbed again in early trading Friday after a surge on New York's Wall Street late Thursday, with the Nikkei index of 225 leading companies gaining 265.33 points or 3.14 per cent to 8,723.78 at 9:19 am.

The Nikkei on Thursday plunged 11.41 per cent to 8,458.45 after New York markets plunged from 7 to 9 per cent on Wednesday.

Wall Street recovered some of its losses on Thursday, with the Dow Jones Industrial Average up 4.68 per cent, the Standard & Poor's 500 Index up 4.25 per cent and the Nasdaq Composite Index up 5.49 per cent.