Asian Markets Surge on Wall Street Rally and Oil Price Drop

The Asian markets closed higher on Friday, driven by a rally on Wall Street and declining oil prices. This boost was also influenced by the Bank of Japan's decision to raise its benchmark interest rate to 1.25%, a 31-year high.

Japan's Nikkei 225 index rose 1.4% to finish at 65,018.95 after the rate hike. The move had been widely expected, coming after the Federal Reserve also raised its key rate this week.

The U.S. dollar gained strength against the yen, rising to 157.73 from 155.95 yen. Brent crude oil prices fell by 2.15% to $102.57 a barrel, and benchmark U.S. crude slid 1.92% to $99.95 a barrel.

The Federal Reserve's decision on Wednesday to raise the federal funds rate by a quarter of a percentage point for its first hike in more than three years has put pressure on other countries to follow suit.