Asian markets rise on Draghi reassurance

HONG KONG: Asian markets rose on Friday following more upbeat US data, while European Central Bank chief Mario Draghi reassured dealers over its bond-buying scheme.

The upbeat outlook also provided support to the dollar and euro as dealers awaited the release of closely-watched jobs data in the United States later in the day.

Tokyo rose 0.42 percent by the break, Hong Kong was 0.24 percent higher, Sydney added 0.72 percent and Seoul climbed 0.36 percent.

Shanghai was closed for a public holiday.

Draghi said on Thursday that the ECB's "bazooka" to help under-pressure economies by buying their debt to keep borrowing costs low was primed and ready to be used.

But he stressed that it was now up to governments to act and get their economies and finances in order to end the eurozone's deep woes.

Draghi also praised Spain for "remarkable" progress in passing reforms of its labour market and banking sector, while Madrid passed a key test of confidence when its borrowing costs mostly eased in a bond auction.

The comments came on top of the ECB's decision to keep interest rates on hold.

The euro stayed firm in early Asian trade, changing hands at $1.3015 and 102.21 yen against $1.3018 and 102.16 yen in New York late Thursday, when it had surged more than a cent from the previous day.

The dollar was trading at 78.52 yen compared with 78.48 yen.

There was no real movement in the yen soon after the Bank of Japan said it would keep interest rates at record lows, while holding off announcing any fresh stimulus measures for now.