Asian shares bounce on global tech rally, yen loser of the week
Asian shares bounced on Friday, buoyed by a rally in regional chipmakers, while the yen was set to end the week with heavy losses as investors pared back bets the Bank of Japan would soon abandon its uber-easy policies.
Oil prices were on edge amid worries about increasing geopolitical risks in the Middle East. The U.S. launched new strikes against Houthi anti-ship missiles aimed at the Red Sea on Thursday, and Pakistan conducted strikes inside Iran, two days after Iranian strikes inside Pakistani territory.
MSCI's broadest index of Asia-Pacific shares outside Japan rallied 0.9% on Friday, but was still down 2.9% for the week, the biggest weekly loss since mid-August.
Taipei-listed shares of Taiwan Semiconductor Manufacturing (TSMC) surged 5.0% after the chipmaking giant projected 2024 revenue growth of more than 20%.
Its U.S. shares soared nearly 10% overnight, fuelling a tech rally on Wall Street. [.N]
MSCI Asia ex-Japan IT index gained nearly 3%.
Global X Japan semiconductor ETF was up more than 4%.
Japan's Nikkei rose 1.6% to just a touch below a 34-year top hit on Wednesday. Data showed Japan's core consumer inflation slowed for a second straight month in December, adding to speculation that the BOJ is not in a rush to tighten its ultra loose monetary policy.
The yen held at 148.26 per dollar, having lost 2.2% for the week to the lowest level since early December.
Chinese bluechips slipped 0.2% after bouncing off the five-year lows hit the previous day amid signs of state support. Hong Kong's Hang Seng index rose 0.4%.
