Asia Stocks Bounce Back with US Rally and Lower Oil Prices
Asian stock markets mostly rose on Friday, boosted by a rally on Wall Street and declining oil prices. The Bank of Japan's decision to raise its benchmark interest rate to 1.25%, a 31-year high, also contributed to the gains.
The Nikkei 225 index in Japan gained 1.4% to finish at 65,018.95, while South Korea's Kospi jumped 2.7% to 6,894.23. Hong Kong's Hang Seng edged up 0.6% to 24,750.78.
The move by the Bank of Japan had been widely expected, following the Federal Reserve's decision to raise its key rate this week. The US dollar rose to 157.73 Japanese yen from 155.95 yen, while the euro cost $1.1486, up from $1.1480.
Falling oil prices and easing pressure from the bond market have been working in favor of Wall Street shares, which are helping global market sentiments. Brent crude oil lost 2.15% to $102.57 a barrel, while benchmark US crude slid 1.92% to $99.95 a barrel.