Asia Cautious After Tech Rally, Fed in Focus

Asian markets were cautious on Friday after a tech-led rally in the previous session, while investors awaited Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole symposium.

The MSCI Asia ex-Japan index rose 0.1%, with Japan's Nikkei increasing by 0.5%. Taiwan's shares gained 1.2% after Nvidia surged nearly 9% overnight, while South Korea's KOSPI fell 1%

The focus was on Warsh's speech, where he would provide insight into the Fed's response to economic developments. The futures markets indicate a 35% probability of a rate increase at the September 16 meeting and have fully priced in a rate hike by December.