Asian Tech Stocks Gain, Yen Drops on BoJ Rate Hold – Asia Market Wrap

Asian technology companies climbed following Microsoft and Alphabet’s strong earnings releases overnight. The yen fell to a new 34-year low as the Bank of Japan held its benchmark interest rate steady.

A barometer of the region’s stocks is set for its best week since November, boosted by increases in IT behemoths such as Samsung, Taiwan Semiconductor, and Tencent. Benchmarks in Japan, South Korea, Taiwan, and China all climbed.

A lower yen also boosted Japanese stocks. Following the BoJ ruling, the currency reversed its earlier gains and fell to 156 per dollar, its lowest level since 1990. According to a statement released on Friday, the Bank of Japan maintained its benchmark rate range of 0% to 0.1%, as economists had predicted.