Asian Markets Surge as Wall Street and Oil Prices Rebound

Asian markets showed a mixed response to the rally on Wall Street and declining oil prices, with some major indexes rising while others fell. Japan's benchmark Nikkei 225 surged by 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 decision to raise its key rate this week. The US dollar rose against the Japanese yen, reaching 157.23 from 155.95 yen. The euro cost $1.1484, up from $1.1480.

South Korea's Kospi jumped by 2.7% to 6,893.98, while Australia's S&P/ASX 200 declined by 0.2% to 8,719.50. Hong Kong's Hang Seng edged up nearly 1.0% to 24,837.05 and the Shanghai Composite added 0.9% to 3,909.81.

Falling oil prices and easing pressure from the bond market helped Wall Street reverse many of its losses from the prior day. The price for a barrel of Brent crude oil slid from nearly $110 earlier in the week to $103.49, and benchmark US crude fell to $100.96 per barrel.