Asia stocks mixed after Yellen says 2015 rate hike still likely

Asian markets were a mixed bag on Friday, with traders digesting the Federal Reserve's latest take on monetary policy, which stamped the bank's preferred lift-off timing as this year. Federal Reserve (Fed) Chair Janet Yellen sounded confident that the world's biggest economy will be ready for tighter monetary conditions this side of Christmas.

Yellen said on Thursday evening during a speech at the University of Massachusetts, in Amherst, that "my colleagues and I anticipate that it will likely be appropriate to raise the target range for the federal funds rate sometime later this year and to continue boosting short-term rates at a gradual pace thereafter as the labor market improves further and inflation moves back to our 2% objective."

Japan's benchmark Nikkei 225 index rose 0.78% to 17,708.03 points within the first hour of trade, while Tokyo's broader Topix gauge jumped 0.80% to 1,438.33 points.

Hong Kong's benchmark Hang Seng index was down 0.14% at 21,067.95 points when the opening bell rang, and mainland China's benchmark Shanghai Composite fell 0.51% to 3,126.79 points at the same time.

Korea's benchmark Kospi index slid 0.17% to 1,944.58 points this morning in Seoul.

The benchmark Australian S&P/ASX 200 index was little changed at 5,072.80 points in Sydney, with retailers and resource stocks pushing higher in the early hours of trade, but a more mixed performance among lenders.

New Zealand's benchmark S&P/NZX 50 index rose 0.25% to 5,690.99 points this afternoon in Wellington.