Regional shares eased from highs on Friday, with Japanese markets retreating from a record peak, as investors locked in profits ahead of a crucial week that includes US President Donald Trump's tariff deadline and a host of central bank meetings.

In Hong Kong, the benchmark Hang Seng Index lost 135 points, or 0.53 percent, to open at 25,531.

Across the border, mainland blue chips declined 0.2 percent.

Japan's broad Topix index, which had jumped more than 5 percent over the previous two sessions to reach an all-time high, pulled back 0.7 percent. The Nikkei slipped 0.5 percent from Thursday's one-year high.

Australian shares were headed for their worst week in months, dragged down by losses in gold stocks and miners, while markets awaited progress in US trade talks.

The S&P/ASX 200 index lost 0.5 percent to 8,935 by midday local time, taking its decline to more than 1 percent so far this week and putting it on track for its steepest weekly drop since April 4.

Next week, in the United States alone, investors need to contend with Trump's August 1 deadline for trade deals, a Federal Reserve policy meeting, the closely watched monthly payrolls report, and earnings from the likes of Amazon, Apple, Meta and Microsoft.

The Bank of Japan has its own policy announcement on Thursday, and Prime Minister Shigeru Ishiba's Liberal Democratic Party holds a meeting the same day.

That's after the European Central Bank held rates steady on Thursday, pausing its easing campaign as it waits to assess any impact from US tariffs. (Reuters/Xinhua)