Asian Stocks Rally on Lower Oil Prices and Wobbly Yen

The Asian stock market saw gains on Friday due to lower oil prices and a wobbly yen following Japan's rate hike announcement. The Bank of Japan raised interest rates to a 31-year high of 1.25%, but two board members dissented, leaving investors uncertain about future monetary policy.

This move is part of the central banks' efforts to combat inflation worldwide, fueled by the ongoing Middle East conflict and its impact on oil prices above $100 per barrel. The Japanese currency weakened around 0.7% against the dollar following the rate hike announcement.

Investor sentiment was also influenced by a Reuters report citing Iranian sources that China has asked Tehran to help rein in the Houthis after their recent military blitz.