U.S. Treasury Secretary Janet Yellen on Thursday said the U.S. employment picture increasingly resembles the job market that existed prior to the COVID-19 pandemic, and slowing wage growth is not a threat to add to inflation.

The number of Americans filing for first-time unemployment benefits rose by more than anticipated last week, pointing to a cooling labor market.

Asian stocks fell on Friday as investors pondered the outlook for U.S. rates after the Federal Reserve tempered its rate-cut views even as inflation came in softer than expected, while the yen was shaky before the Bank of Japan's policy meeting.

Oil prices fell in Asian trade on Friday as traders locked-in some profits at the end of a positive week, with crude prices set for their first weekly gain in four on hopes of tighter supplies. 

The yen was on the defensive on Friday ahead of a policy decision from the Bank of Japan that could see it further reduce its massive monetary stimulus, while elsewhere the euro, mired in political turmoil, was headed for a weekly loss.

Wet weather helped bring Britain's economic growth to a halt in April after a strong start to 2024, and the opposition Labour Party jumped on the figures to attack Prime Minister Rishi Sunak's pre-election claims of a turnaround.