Asian Markets Surge as Yen Continues Descent After BOJ Decision

Markets in Asia staged a blistering rally on Friday after the selloff in tech stocks earlier in the week, while the yen continued its descent as the Bank of Japan left interest rates unchanged.

The KOSPI blasted as much as 17% higher, alongside gains of more than 7% in Taiwan and a jump of over 5% in Japan's Nikkei 225. The rally was largely driven by battered chipmaker shares, with Korean heavyweights Samsung Electronics and SK Hynix soaring nearly 30%.

Despite Friday's record gains, the KOSPI is still on track to lose almost 25% in July, marking its largest monthly loss since the Asian financial crisis in 1997. The yen fell to 160.69 after the BOJ's rate-setting committee kept rates on hold, in line with market expectations.