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 yen mark
Asian markets rally for a second straight session on December 19, boosted by another strong performance on Wall Street, with Tokyo jumping 1.59 percent thanks to the weaker yen
Tokyo jumped 2.39 percent, or 411.35 points, to 17,621.40 thanks to the weaker yen, while Sydney climbed 2.45 percent, or 127.8 points, to close at 5,338.6 and Seoul advanced 1.71 percent, or 32.48 points, to 1,929.98.
In late afternoon trade Hong Kong was up 1.35 percent and Shanghai added 1.68 percent.
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 Wednesday indicating interest rates would be hiked no sooner than mid-2015.
On Wall Street the Dow surged 2.43 percent, the S&P 500 shot up 2.40 percent -- the first time since 2002 the index has risen more than two percent on successive days -- and the Nasdaq gained 2.24 percent.
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.
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 yen Wednesday -- was at 119.42 yen Friday, compared with 118.81 yen 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.
"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 $1.2281 and 146.68 yen against $1.2287 and 146.00 yen in US trade
Oil prices tacked higher after plumbing new five-and-a-half-year lows Thursday on the back of a supply glut.
US benchmark West Texas Intermediate for January delivery rose 73 cents to $54.84, while Brent crude for February gained 32 cents to $59.59 in afternoon trade.
Gold was at $1,200.05 an ounce, compared with $1,210.13 late Thursday.
In other markets:
-- Taipei rose 1.36 percent, or 120.89 points, to 8999.52.
Taiwan Semiconductor Manufacturing Co. gained 4.94 percent to Tw$138.0 while smartphone maker HTC fell 1.49 percent to Tw$132.0.
-- Wellington added 0.17 percent, or 9.27 points, to 5,527.75.
Air New Zealand was up 1.16 percent at NZ$2.61 and Trade Me put on 1.14 at NZ$3.56.