Search and rescue crews involved in the search for a missing fisherman will spend today reassessing their plan for the rest of the week while taking a well-earned break.

The fisherman, of Asian descent, is believed to have been swept off rocks at Homunga Bay at Waihi while fishing with his friend.

The missing man's friend has been identified as Yingbo Xu, 28, from Hamilton. A father and son enjoying a day's fishing in the area made the grisly discovery and alerted police about 2.30pm on Sunday, he said.

Waikato police search and rescue Sergeant Vince Ranger today said the search was on hold for the day to allow them to consider their next phase of the plan.

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"We've come back here [Hamilton], have a bit of a breather, have a review of what we've done, have a look at what we're going to do for tomorrow, Friday and the next day.

"Every now and then you've just got to stop and have a breath and look at what we're doing and then have a plan for what we're going to do the next day rather than just standing around."

The conditions had improved markedly now that ex-tropical cyclone Hola had passed.

"Conditions are improving and are improving right through the week so it will give us a wee bit more of an advantage to get in and have a good look along that shore line, but it wasn't too bad for that yesterday."

The police Eagle helicopter and local surf lifesaving crews have all been involved in the search this week.