Asian Market Update

Asian markets rallied for a second straight session on Friday, boosted by another strong performance on Wall Street while renewed confidence helped push the dollar back towards the 100 yen mark Tokyo jumped 1.59 per cent thanks to the weaker yen, while Sydney climbed 1.66 per cent, Seoul rose 1.29 per cent and Hong Kong added 1.43 per cent. Shanghai eased 0.20 per cent.

Global markets tanked at the start of the week on fears about the global economy as oil prices plunged and crude exporter Russia was also hammered by Western sanctions over Ukraine.

However, they have rebounded over the past few days in response to a Federal Reserve statement Wednesday indicating interest rates would be hiked no sooner than mid-2015.