Asian shares rose on Friday, with South Korean stocks hitting a 6-month high after the country averted recession in the first quarter, as a Wall Street rally boosted risk demand around the region and dented the yen.
Many financial centers in the region were closed for a long weekend, making investors nervous that gains made now may not be sustained next week when many major U.S. companies report quarterly earnings.
The Nikkei hit a three-month closing high for the second day in a row, though off the day’s peak reached above the psychologically key 9,000 level, as banks tumbled after Sumitomo Mitsui Financial Group warned of a net loss for the financial year just ended, reviving fears for other megabanks.
