Japan's Nikkei edged up by 0.16%

Japanese markets eked out modest gains to notch another record close even as chip names lagged on concerns over intensifying competition.

The Nikkei average edged up by 0.16 percent to 58,850.27 after data showed Tokyo's core inflation gauge eased to the slowest pace in more than a year.

Separate data revealed Japan's industrial output in January rose 2.2 percent from the previous month, marking the first expansion in three months. Retail sales rose 1.8 percent year-on-year, rebounding from a 0.9 percent decline in December.

The broader Topix index jumped 1.50 percent to 3,938.68. Sony shares soared 7.2 percent after the conglomerate expanded its ongoing share buyback program.

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