BOJ Rate Hike Looms as Asian Stocks Rise on Oil Price Dip

Asian stocks rose on Friday as investors contended with global policymakers' efforts to rein in inflation, following a dip in oil prices that improved sentiment ahead of an expected rate hike from the Bank of Japan.

Hopes for alternate ways to supply oil from the Middle East pushed Brent crude futures down 1% to $103.77 per barrel despite lingering concerns about strikes between Saudi Arabia and Yemen's Houthis.

The yen softened to 156.23 per US dollar in early trading as traders braced for the policy decision from the Japanese central bank, which is set to raise interest rates to a 31-year high and pledge to deliver more to counter inflation risks.