HK stocks rally as Tokyo moves to tackle inflation

Asian stocks mostly rose on Friday in line with a rally on Wall Street as a tumble in oil prices eased inflation concerns, while the yen dropped against the US dollar even after the Bank of Japan hiked interest rates to a three-decade high. In Hong Kong, the benchmark Hang Seng Index ended 146 points, or 0.6 percent, higher at 24,750 on turnover of HK$266.51 billion. The tech index surged 94 points, or 2.2 percent, to 4,405 while the China enterprises index was 50 points, or 0.6 percent, up at 8,225. Up north, the benchmark Shanghai Composite Index ended up 36 points, or 0.94 percent, at 3,911. The Shenzhen Component Index jumped almost 231 points, or 1.72 percent, up to 13,640 while the ChiNext Index surged 74 points, or 2.25 percent, to 3,372. In Tokyo, the Nikkei rose 882 points, or 1.38 percent, to 65,018 after the Bank of Japan raised the benchmark interest rates to 1.25 percent, a 31-year high, from one percent. Japan's Nikkei was also helped by a drop in the yen against the dollar that came in the wake of the BoJ's well-telegraphed decision to lift rates to their highest level since 1995. Pressure has increased on Japanese officials to further tighten monetary...