Asian stocks surged to their highest in 15 months on Friday led by tech and Hong Kong stocks, while the yen put more distance from recent 34-year lows to cap a tumultuous week that saw suspected intervention from Japanese authorities.

Oil prices edged up on Friday on the prospect of OPEC+ continuing output cuts, but the crude benchmarks were headed for the steepest weekly losses in three months on demand uncertainty and easing tensions in the Middle East reducing supply risks.

The yen was headed for its best week in more than a year on Friday, helped by Tokyo's suspected intervention this week to pull the Japanese currency away from 34-year lows, which also left the dollar broadly on the back foot.

The U.S. Federal Reserve held interest rates steady on Wednesday and signaled it is still leaning towards eventual reductions in borrowing costs, but put a red flag on recent disappointing inflation readings that could make those rate cuts a while in coming.

Oil prices rose on Thursday, rebounding from three days of losses, on expectations the lower levels may prompt the U.S., the world's biggest crude consumer, to start replenishing its strategic reserve, putting a floor under prices.

Hong Kong shares of major Chinese electric vehicle makers rose sharply on Thursday after clocking strong delivery figures for April, with Nio Inc (NYSE:NIO) leading gains as deliveries more than doubled from last year.