Asian Shares Rally with US Stocks as Oil Prices Plummet
Asian shares mostly rose on Friday, fueled by a rally on Wall Street and declining oil prices. The Bank of Japan raised its benchmark interest rate to 1.25%, a 31-year high, which was widely expected after the Federal Reserve's rate hike this week.
The move was aimed at pressuring Japan to raise rates due to concerns over the weakening yen. However, recent interventions by both countries have had little impact on stabilizing the currency.
Japan's benchmark Nikkei 225 gained 1.4% to finish at 65,018.95. South Korea's Kospi jumped 2.7% to 6,894.23, while Hong Kong's Hang Seng edged up 0.6% to 24,750.78.
Falling oil prices and easing pressure from the bond market have contributed to the positive sentiment on Wall Street, which is helping global market sentiments.