Asian shares extended their rally on Friday, bathing in the afterglow of an outsized interest rate cut in the United States, while the yen edged higher as the Bank of Japan held rates steady and stayed upbeat on the economy.
Oil prices fell slightly in Asian trade on Friday as traders locked-in recent profits, with crude headed for a weekly gain as a bumper U.S. interest rate cut helped quell some fears of slowing demand.
The yen remained under pressure on Friday as investors wagered the Bank of Japan (BOJ) would wrap up a policy meeting sounding cautious on further tightening, while the U.S. dollar had its own problems as markets priced in more rapid U.S. rate cuts.
Most Asian stocks rose in choppy trade on Thursday amid some cheer over an outsized interest rate cut by the Federal Reserve, while Japanese markets surged as the yen weakened before a Bank of Japan meeting.
Oil prices rose on Thursday after a large interest rate cut from the U.S. Federal Reserve, but concerns over global demand lingered and capped gains.
The U.S. dollar rose broadly on Thursday, reversing a brief tumble in the immediate aftermath of the Federal Reserve's outsized interest rate cut that had been largely priced in by markets.