Asian markets surged Friday as South Korea’s Kospi shattered records, signaling a possible end to AI asset corrections after tech giants Microsoft and Amazon eased investor fears with strong earnings. Japan’s Nikkei and broader Asia-Pacific indexes also rallied, though Kospi remains on track for its worst monthly drop since 1997, prompting South Korea to clamp down on risky leveraged products. The yen rebounded from a 40-year low amid suspected global intervention ahead of the Bank of Japan’s rate call, while U.S. Treasury yields mixed — long bonds hit 19-year highs, short rates eased, reflecting Fed’s inflation control uncertainty. Meanwhile, Middle East tensions simmered, pushing oil prices up slightly after a drone strike in Egypt, but no panic buying hit energy markets.
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