Asian Markets Surge, Yen Holds Steady After Intervention

Asian markets rallied on Friday as South Korea's battered market made a record comeback, sparking hopes that a recent rout in AI-related stocks had run out of steam.

The yen was also in focus after suspected coordinated intervention by various authorities led to a 2.4% surge in the currency on Thursday.

However, the BOJ kept rates on hold on Friday, with BOJ Governor Kazuo Ueda's press conference later in the day expected to shed more light on the central bank's stance.

The KOSPI leapt 17%, reversing steep losses from earlier in the week, while Japan's Nikkei advanced nearly 4% and MSCI's broadest index of Asia-Pacific shares outside Japan rose 6%.