Asian Stocks Rise on US Rally, Lower Oil Prices

Asian stocks mostly rose in early trading on Friday, lifted by a rally on Wall Street and declining oil prices. Japan's benchmark Nikkei 225 gained 1.4% to 65,000.72 after the Bank of Japan raised its benchmark interest rate to 1.25%, a 31-year high.

The move was widely anticipated following the Federal Reserve's own rate hike this week. The Bank of Japan has been under pressure from the US to raise rates due to concerns about the weakening yen, which has seen intervention efforts from both nations have had little impact so far.

South Korea's Kospi jumped 2.7% while Hong Kong's Hang Seng edged up nearly 1%. However, Australia's S&P/ASX 200 declined 0.2%. Falling oil prices and easing pressure from the bond market helped Wall Street reverse its losses from the prior day.

The price of Brent crude oil slid to $103.49 a barrel after earlier reaching nearly $110 due to concerns over the impact of the war with Iran on global oil supplies. The recent drop in oil prices has helped pull yields lower in the bond market and removed some pressure on stocks.