Stocks rise as oil dips, yen wobbles ahead of BOJ

Business Recorder reported that Asian shares advanced on Friday while the dollar held steady, as investors weighed global policymakers' efforts to curb inflation. A softer oil market lifted sentiment ahead of an anticipated Bank of Japan rate increase. Brent crude slipped 1% to $103.77 a barrel, with buyers encouraged by hopes that alternative routes for Middle East supplies could reach consumers, though tensions between Saudi Arabia and Yemen's Houthis remained a worry.

Wall Street rallied overnight, with battered technology shares leading the gains. Treasury bonds steadied after a sharp sell-off this week pushed the 10-year yield beyond 5%, its highest since 2007, and it was last at 4.936%. In the region, MSCI's broadest Asia-Pacific index excluding Japan climbed 0.55%, Japan's Nikkei gained 0.9%, and South Korea's KOSPI surged 2%. The euro held at $1.148 but was headed for a 1% weekly drop, its largest since June, while spot gold advanced 0.5% to $4,361 an ounce.

The yen weakened to 156.23 per dollar in early trade as investors awaited the Bank of Japan's decision later in the day, which was widely expected to lift rates to a 31-year high. The currency had firmed this month but has surrendered part of that advance this week after the Federal Reserve turned more hawkish. MUFG's Michael Wan said Governor Ueda's signals on future hikes would matter as much as the move itself.