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The Bank of Japan holds its first policy meeting of the year next week and the outcome will be announced days after the inauguration of U.S. President-elect Donald Trump.

Asian markets rose Friday after a record day on Wall Street in response to Donald Trump's tax-cut pledge, while the yen weakened slightly ahead of an expected interest rate hike by the Bank of Japan later in the day.

Japan’s 40-year government bond yield reached an all-time high, amid a global debt selloff and speculation that the Bank of Japan may hike interest rates in the future.Most Read from BloombergThese Homes Withstood the LA Fires.

The Bank of Japan raised its key interest rate to about 0.5% from 0.25% Friday, noting that inflation is holding at a desirable target level. “The economy is gradually recovering,” BOJ Gov. Kazuo Ueda told reporters after a two-day policy board meeting in Tokyo.

World shares advanced Friday after U.S. stocks rose to a record and the Bank of Japan raised its key lending rate. Oil prices fell after U.S. President Donald Trump called on oil-producing countries to reduce the price of crude,

The return of inflation and wage growth is giving the Bank of Japan room to raise interest rates and declare the end of a long period of stagnation.

The Bank of Japan hiked interest rates on Friday to their highest level in 17 years and signalled more were in the pipeline despite fears of turmoil under US President Donald Trump.

U.S. stock futures were moving lower in early action on Friday, on the heels of the first record for the S&P 500 of 2024. Dow Jones Industrial Average futures fell 15 points, or 0.03%, to 44,732

Asian shares advanced Friday after U.S. stocks rose to a record and the Bank of Japan raised its key lending rate.