Asian Stocks Surge on Oil Price Drop and BoJ Rate Hike

The Asian stock market rallied on Friday, with Hong Kong's Hang Seng Index rising by 0.6% to 24,750. The tech index surged 2.2% to 4,405 while the China enterprises index was up 0.6% at 8,225.

In Tokyo, the Nikkei rose by 1.38% to 65,018 after the Bank of Japan raised interest rates to a three-decade high of 1.25%. The move was expected but still had an impact on the yen, which dropped against the US dollar.

Stephen Innes at Quintex Intel noted that two members of the Bank of Japan voted against the rate hike, indicating potential further tightening may not be as certain as thought.