Stocks rise as oil dips, yen wobbles ahead of BOJ

Asian stocks experienced a rise on Friday as investors dealt with policymakers aiming to curb inflation, after oil prices declined and the yen's value weakened ahead of the Bank of Japan's decision. MSCI's Asia-Pacific index excluding Japan climbed 0.55%, while Japan's Nikkei increased by 0.9% and South Korea's KOSPI surged 2%. The Bank of England hinted at a possible rate hike if the Middle East conflict persists, and the Federal Reserve had already raised interest rates for the first time in three years.

The European Central Bank also emphasized the need for further tightening with a rate increase. As traders await the BOJ's rate decision, the yen was trading at 156.23 per US dollar, reflecting expectations of a faster pace of rate hikes from the Japanese central bank.