Asia Markets Soar Amid US Rally and Falling Oil Prices
Asian stocks mostly rose on Friday, buoyed by a rally on Wall Street and declining oil prices. The US dollar strengthened against major currencies.
The Bank of Japan raised its benchmark interest rate to 1.25% from 1.0%, a 31-year high, as expected following the Federal Reserve's rate hike this week. This move aims to address concerns about the weakening yen and pressure from the US.
Despite interventions by both countries to prop up the yen, its value has not shown significant improvement. The US dollar rose to 157.73 Japanese yen from 155.95 yen, while the euro cost $1.1486, up from $1.1480.
Oil prices also contributed to the positive market sentiment, with Brent crude losing 2.15% to $102.57 a barrel and benchmark US crude sliding 1.92% to $99.95 a barrel.