Hong Kong - Asian markets rallied for a second straight session on Friday, boosted by another strong performance on Wall Street while renewed confidence helped push the dollar back towards the ¥ 100 mark.
Tokyo jumped 2.39%, or 411.35 points, to 17 621.40 thanks to the weaker yen, while Sydney climbed 2.45%, or 127.8 points, to close at 5 338.6 and Seoul advanced 1.71%, or 32.48 points, to 1 929.98.
Hong Kong climbed 1.25%, or 284.42 points, to 23 116.63 and Shanghai was up 1.67%, or 51.08 points, at just more than 3 108.60.
Interest rates
Global markets tanked at the start of the week on fears about the global economy as oil prices plunged and crude exporter Russia was also hammered by Western sanctions over Ukraine.
However, they have rebounded over the past few days in response to a Federal Reserve statement on Wednesday indicating interest rates would be hiked no sooner than mid-2015.
On Wall Street the Dow surged 2.43%, the S&P 500 shot up 2.40% - the first time since 2002 the index has risen more than 2% on successive days - and the Nasdaq gained 2.24%.
The Fed's stance brought relief to emerging markets, which have seen huge capital outflows as traders return to the United States in expectation of better returns.
Central bank
Brokerage IG said it expects "emerging markets to continue their run as they track the momentum seen in major global markets".
Currency traders have also returned to the dollar after it tumbled earlier in the week against the yen, which is considered a safe bet in times of turmoil.
The greenback, which fell to as low as ¥ 116.30 on Wednesday, was at ¥ 119.22 on Friday, compared with ¥118.81 in New York.
A slightly more upbeat assessment of the Japanese economy by the country's central bank added to the positive mood, adding to selling pressure on the yen.
Supply glut
"Exports have shown signs of picking up" while factory output has started to "bottom out", the BoJ said in a statement after a two-day policy meeting.
"Japan's economy is expected to continue its moderate recovery."
The euro bought $1.2291 and ¥ 146.53 against $1.2287 and ¥146.00 in US trade.
Oil prices tacked higher after plumbing new five-and-a-half-year lows on Thursday on the back of a supply glut.
US benchmark West Texas Intermediate for January delivery rose 79 cents to $54.90, while Brent crude for February gained three cents to $59.30 in afternoon trade.
Gold was at $1 198.10 an ounce, compared with $1 210.13 late on Thursday.
In other markets:
- Bangkok shed 0.16% or 2.44 points to close at 1 514.3.
Oil giant PTT Exploration and Production lost 1.5% to 330 baht, while coal producer Banpu rose 0.25% to 26.25 baht.
- Taipei rose 1.36%, or 120.89 points, to 8 999.52.
Taiwan Semiconductor Manufacturing gained 4.94% to Tw$138.0 while smartphone maker HTC fell 1.49% to Tw$132.0.
- Wellington added 0.17%, or 9.27 points, to 5 527.75.
Air New Zealand was up 1.16% at NZ$2.61 and Trade Me put on 1.14 at NZ$3.56.
- Manila climbed 1.45%, or 101.72 points, to 7 131.00.
SM Investments added 1.14% to 799.00 pesos, Ayala Land ended 1.97% up at 33.60 pesos and Philippine Long Distance Telephone was up 0.36% at 2 812.00 pesos.
- Kuala Lumpur gained 0.94%, or 16.04 points, to 1 715.99.
Malayan Banking rose 2.45% to 8.78 ringgit, while Nestle fell 0.35% to 67.80.
- Jakarta closed up 0.61%, or 31.28, at 5 144.62.
Cement maker Indocement Tunggal Prakarsa gained 3.27% to 24 450 rupiah, while cigarette maker Gudang Garam lost 2.06% to 59 450 rupiah.
- Singapore rose 1.11%, or 35.88 points, to 3 279.53.
United Overseas Bank rose 1.28% to Sg$23.75 while Singapore Telecom fell 1.29% at Sg$3.82.
- Mumbai advanced 0.90%, or 245.27 points, to 27 371.84 points.
ICICI Bank rose 2.95% to 355.40 rupees, while Bajaj Auto fell 1.58% to 2 466.30 rupees.