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Asian Stocks Rise as Fed Rate Hike Bets Cool

Asian equity markets advanced on Friday as traders scaled back expectations for a Federal Reserve rate hike this month after Governor Christopher Waller said he would support keeping rates unchanged if price pressures continue to ease. Traders now see roughly even odds of a quarter-point Fed hike in September, down from about 70% earlier this week. Investors also continued to monitor sharp moves in the yen after the currency rallied strongly this week on expectations for more aggressive policy tightening by the Bank of Japan, while traders watched for signs of official intervention to support the Japanese currency. Shares in Japan, South Korea, China, and Hong Kong all gained, with technology stocks leading regional advances.

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