Green outweighed red among Asian stock leader boards on Thursday as Fitch Ratings underlined the region's relative insulation from the Brexit storm by stating it had no immediate ratings impact on Asia Pacific banks and sovereign debt.

The report, which singled Japan out as a potential exception, follows a period of post-Brexit resilience among Chinese stocks. Even before European indices began to rebound on Tuesday, the CSI Composite index had held firm and towards the end of the trading day on Thursday was up 2.4% from its closing price last Thursday, before the outcome of the U.K. referendum to leave the European Union was known.

The report also follows evidence of a consumer rebound in China from companies ranging from sporting goods maker Nike (NKE) and cruise operator Carnival Cruise (CCL) yesterday, to drinks maker Remy Cointreau (REMYF) and otherwise-struggling luxury goods maker Burberry (BURBY) earlier this month.  Jim Cramer, portfolio manager of the Action Alerts PLUS Charitable Trustyesterday noted "the amazing strength in China" since the Brexit vote.

Chinese stocks were mixed. The CSI 300 was recently down 0.05% at 3,149.93.

In Hong Kong the Hang Seng was up 1.63% at 20,768.21, led by property developers China Resources Land and China Overseas Land.

In Tokyo the Nikkei 225 was recently up 0.57% at 15,655.96. The benchmark index is headed for a monthly drop of about 9%, its worst in more than four years.

The Topix was up 0.44% at 1,253.13. Earlier in the day Japanese industrial output figures had come in below expectations, with output slumping 2.3% in May on the month, after rising 0.5% in April. Analysts had been looking for a 0.1% decline.

S&P 500 mini futures were recently down 0.25% and FTSE 100 futures were up 0.20%. As of Tuesday's close, up 3.58% at 6,360.06, the U.K. benchmark had recouped all of its post-Brexit losses.

Meanwhile in Ottawa President Obama said Brexit raises "longer-term concerns about global growth" and could "freeze" U.K. and European investment.

In its report Fitch said Japan bore the risk that a continued flight to the yen could stymie policymakers' planning.

But it noted that Asian exports to the U.K. account for less than 3.5% for every Asian country and that "direct financial linkages" are limited.

Fitch said short-term uncertainty, particularly if it weighs on consumer confidence, is the biggest risk, particularly for Singapore, Taiwan, Hong Kong and Korea.

"Fitch maintains its base case for APAC sovereigns and banks," the ratings agency said. "Emerging Asia will remain the fastest-growing global region. Rising political uncertainty in Europe may lead to some downward revisions to regional growth projections, depending on how serious this turns out to be. However, China is likely to remain a much more significant driver of economic outcomes in APAC than Brexit, while risks from tightening US monetary policy also remain a key challenge."

Towards the end of the Asian trading day the dollar was down 0.18% against the yen at  ¥102.6500. The pound had slipped 0.34% against the dollar to $1.3383.

Japanese government bond yields edged further up from record lows.

But Brent crude was down 1.26% at $49.97. Gold edged 0.22% lower to $1,316.26 an ounce.

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