HONG KONG (AP) — Asian stock markets were mixed Friday as investors turned cautious amid worries the U.S. Federal Reserve’s latest move to combat recession in the world’s largest economy will lead to rampant inflation.

Trade was lackluster in most markets, with Tokyo closed for a holiday, as the region closed out one of its strongest weeks this year with a whimper.

Sentiment took a hit after Wall Street’s rally petered out Thursday. U.S. investor euphoria over the central bank’s aggressive $1.2 trillion plan to buy government bonds and debt securities gave way to fears the new spending could water down the dollar’s worth and lead to higher prices across the board.

Those concerns have pummeled the dollar, which stabilized in Asia but was still headed for a 4 percent loss against the yen this week. A weaker dollar is especially unnerving in Asia, where it hurts big exporters in Japan and other countries by eroding foreign income.

While the market may see more upside, analysts were doubtful the current rally could be sustained much longer with continuing woes in the financial system and the global outlook still grim.

Hong Kong’s Hang Seng led Asia’s declines, falling 297.41 points, or 2.3 percent, to 12,833.51, and Australia’s benchmark S&P/ASX 200 stock index lost 0.4 percent to 3,465.8. Taiwan’s benchmark sagged 1.5 percent.

Stocks in mainland China rose for a fifth day, with the Shanghai Composite advancing 0.7 percent to 2,281.09. South Korea’s Kospi climbed 0.8 percent to 1,171.04. Trading will reopen in Tokyo on Monday.

Markets in the Philippines and Thailand also rose.