Asian stocks rise with crude amid China optimism before holiday

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TOKYO : Asian equity markets and crude oil rose on Friday amid optimism about China's reopening following the lifting of stringent COVID curbs, as markets prepared for the Lunar New Year holidays.

At the same time, the U.S. dollar edged up from near its weakest since May and Treasury yields were elevated as investors weighed the outlook for further Federal Reserve policy tightening and the associated risks of a global recession.

Japanese government bond yields stayed depressed, two days after the Bank of Japan defied investor pressure to loosen yield curve controls further.

Hong Kong's Hang Seng rallied 1.5 per cent, and mainland blue chips were 0.57 per cent firmer.

Japan's Nikkei added 0.56 per cent, helped by a retreat in the yen. South Korea's KOSPI gained 0.63 per cent, reversing an earlier loss, and Australia's benchmark edged 0.23 per cent higher.