Asian Markets Surge as Oil Prices Fall and Japan Raises Interest Rate

Asian markets closed on a high note on Friday, boosted by easing oil prices and a rally on Wall Street. The Bank of Japan's decision to raise its benchmark interest rate to 1.25% from 1.0%, a 31-year high, also contributed to the gains.

The move was widely expected after the Federal Reserve raised its key rate this week. Pressures have been mounting for Japan to raise rates due to concerns over the weakening yen, which has seen intervention efforts by both nations. The U.S. dollar rose to 157.73 Japanese yen from 155.95 yen.

The recent slide in Brent crude oil prices also helped boost market sentiments. Brent lost 2.15% to $102.57 a barrel, while benchmark U.S. crude slid 1.92% to $99.95 a barrel.