Asian Stocks Surge as BOJ Hike Boosts Sentiment
Asian stocks surged on Friday as Japan's Nikkei index rose 1.70% to 65,228, while other regional markets also gained ground.
The Bank of Japan (BOJ) raised its policy rate by 25 basis points in a 7-2 vote, with two policymakers dissenting from the decision. The BOJ's move was seen as relatively dovish, with some analysts noting that the dissenters tempered the message on further tightening.
Lower oil prices also contributed to the positive sentiment, with Brent crude falling 1.2% to $103.56 a barrel. This eased inflation concerns and lifted risk sentiment across the region.
The tech sector was a standout performer, with chip stocks surging after a volatile week. The KOSPI's weekly loss was largely reversed on Friday as investors returned to the sector in search of growth opportunities.