Japanese stocks spearheaded the rise in Asian markets on Friday, following a strong performance on Wall Street driven by data indicating the U.S. economy’s resilience, particularly in consumer spending. U.S. futures also showed gains while oil prices experienced a decline.

The Nikkei 225 in Tokyo surged 2.9% to 37,800.42 at the end of the week, recovering from a previous selloff driven by increased interest rates from the Bank of Japan impacting “carry trades” deals. The yen weakened against the dollar during the week, with the dollar trading at 148.88 yen compared to 149.27 yen previously.

In other Asian markets, the Hang Seng in Hong Kong rose by 1.6% to 17,376.44, and the Shanghai Composite index increased by 0.1% to 2,879.93. China’s central bank announced plans aimed at bolstering economic growth in the second half of the year, emphasizing advancements in the central banking system and financial technology market.

E-commerce giants like Alibaba Group Holding and JD.com drew investor interest with reports showing revenue growth and better-than-expected quarterly profits, leading to share price increases in Hong Kong. South Korea’s Kospi climbed by 1.8% while Australia’s S&P/ASX 200 advanced by 1.3%.

The U.S. market also saw positive movement on Thursday, with the S&P 500 rising by 1.6%, marking one of its best days of the year. The Dow Jones Industrial Average and the Nasdaq composite also experienced gains, with technology stocks like Nvidia contributing to the uptrend.

Following encouraging economic reports showing increased consumer spending and lower unemployment benefit claims, the bond market saw a rise in Treasury yields. Despite positive economic data, expectations remain that the Federal Reserve will reduce its main interest rate at the upcoming September meeting.

In energy trading, U.S. crude oil prices dipped to $77.89 a barrel, while Brent crude, the international standard, fell to $80.86 a barrel. The euro showed a slight increase against the dollar, trading at $1.0980.