Hong Kong Stocks Rally as Tokyo Moves to Tackle Inflation

Asian stocks mostly rose on Friday, with Hong Kong's benchmark Hang Seng Index ending 146 points higher at 24,750. The tech index surged 94 points to 4,405, while the China enterprises index was 50 points up at 8,225. In Tokyo, the Nikkei rose 882 points to 65,018 after the Bank of Japan raised interest rates to a 31-year high. The yen dropped against the dollar, but slipped to more than 157 to the greenback. The gains came after US Federal Reserve's lift in borrowing costs provided relief to traders concerned about inflation. Crude prices have fallen sharply over the past three days, with West Texas Intermediate dipping below US$100.