We present a 35 day ASCA observation of the NLS1 Akn 564, which was part of a multiwavelength AGN Watch monitoring campaign. Akn 564 shows a photon index varying across the range 2.45--2.72. The presence of the soft hump component below 1 keV, previously detected in ASCA data, is confirmed. Time-resolved spectroscopy with ~daily sampling reveals a distinction in the variability of the soft hump and power-law components over a timescale of weeks, with the hump varying by a factor of 6 across the 35-day observation compared to a factor 4 in the power-law. Flux variations in the power-law component are measured down to a timescale of ~1000s and accompanying spectral variability suggests the soft hump is not well-correlated with the power-law on such short timescales. We detect Fe Ka and a blend of Fe Kb plus Ni Ka, indicating an origin in highly ionized gas. Variability measurements constrain the bulk of the Fe Ka to originate within a light week of the nucleus. The large EW of the emission lines may be due to high metallicity in NLS1s, supporting some evolutionary models for AGN.