Asian stocks surge on tech boost; yen extends gains to cap wild week

FILE PHOTO: Pedestrians walk past an electric monitor displaying the Japanese yen exchange rate against the U.S. dollar outside a brokerage in TokyoSINGAPORE - Asian stocks rallied on Friday after Apple's record $110 billion share buyback plan lifted the tech sector, while the yen put more distance from recent 34-year lows to cap a tumultuous week that saw suspected interventions from Tokyo.

In between, traders suspect the authorities stepped in on at least two days this week and data from the BOJ suggests Japanese officials may have spent roughly $60 billion to defend the beleaguered yen, leaving trading desks across the globe on high alert foe further moves by Tokyo. While there has been two bouts of suspected MOF interventions, another $20 billion of yen buying on Friday would really scare off the yen shorts and get dollar/yen below 150, Chris Weston, head of research at Pepperstone, said in a note.

"The Federal Reserve has clearly had its confidence shaken by the recent string of disappointing inflation releases," said Susan Hill, senior portfolio manager at Federated Hermes. In commodities, U.S. crude rose 0.39% to $79.26 per barrel and Brent was at $83.98, up 0.37% on the day. TFSA: 3 Canadian Stocks to Buy and Hold Forever

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