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Asian stocks mostly higher; Nikkei reverses gains despite upbeat data

Asian equities were mostly higher on Thursday amid growing confidence in the global economic recovery but Japanese shares fell as profit-taking overshadowed strong data.

On Wall Street, the hit a new all-time closing high and the a fresh thirteen-year high after the Federal Reserve's Beige Book found the economy to be expanding at a moderate pace, while a separate report showed U.S. inflation pressures remain benign.

Following the World Bank's optimistic report on global growth Wednesday, the International Monetary Fund sounded a more cautious note, warning that the global economy will continue to grow below its potential of 4 percent this year.

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Nikkei slips 0.4%

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