Asian stock markets experienced limited movement on Friday as investors held back in anticipation of the next trade-related actions by President Donald Trump. This hesitation follows a volatile week with central bank meetings causing concerns among investors.

While Japan's stock market opened on a positive note, South Korean shares saw a decline and futures for Hong Kong's equity index were also down. US futures slightly improved after the S&P 500 closed with a minor drop on Thursday, indicating investors' struggle to determine a clear direction.

The global stock rebound earlier in the week was halted by these sluggish movements, highlighting investor unease ahead of the scheduled increase in US tariffs. President Trump's announcement earlier in the week mentioned the implementation of broad reciprocal tariffs and specific sector-based tariffs on April 2.

Despite policy clues provided by the Federal Reserve, Bank of Japan, and Bank of England this week, investors found it challenging to gauge the market direction due to concerns over the impact of tariffs. The uncertainty surrounding policy decisions and the looming tariff increases have left investors feeling uncertain about what lies ahead in the lead up to April 2.

Daniel Skelly, head of Morgan Stanley's Wealth Management Market Research & Strategy Team, indicated that although the recent price correction seems to have stabilized, volatility may persist. Economic factors such as the European Union postponing a proposed tariff on American whiskey and companies like FedEx Corp. and Nike Inc. adjusting their profit outlooks due to tariff and geopolitical pressures have added to the market's mixed signals. PDD Holdings Inc. also reported slower revenue growth attributed to domestic competition and US tariffs impacting its online marketplace expansion.