TOKYO (AP) -- Asian shares mostly fell in early trading Friday after the Dow Jones industrial average turned negative for the first time this year.

Japan's Nikkei 225 stock average slipped 0.1 percent to 10,516.61 as investors took profits after the index hit an eight-month closing high the previous day.

South Korea's Kospi was off 0.1 percent to 10,517.44, and Australia's S&P/ASX 200 lost 0.3 percent to 4,708.70. Concerns about the financial impact of the floods in northeastern Australia continued to drag sentiment.

The flooding has already had a major economic impact on Queensland, shutting down three-quarters of the state's lucrative coal mines and devastating crops. The total cost is not yet known, but Queensland Premier Anna Bligh said the price of rebuilding homes, businesses and infrastructure coupled with economic losses could be as high as $5 billion.

In New York Thursday, stocks slipped after the government reported an increase in applications for unemployment benefits last week and U.S. retailers reported disappointing December sales. The Dow Jones fell 25.58 points, or 0.2 percent, to close at 11,697.31, snapping a three-session winning streak.

In a week with several reports on employment, investors now await the most important one later Friday when the Labor Department releases its monthly survey of all U.S. payrolls and the unemployment rate. Economists expect the rate fell to 9.7 percent in December from 9.8 percent the previous month.

The broader Standard & Poor's 500 index fell 2.71, or 0.2 percent, to close at 1,273.85. The Nasdaq composite index rose 7.69, or 0.3 percent, to 2,709.89.

In currencies, the dollar was trading at 83.30 yen from 83.33 yen late Thursday. The euro was flat at $1.3002.