Asia rally led by Japan as commodities, dollar gain

Asian markets experienced a second strong rally on Friday, with an upbeat lead from Wall Street, a rebound in commodity prices, and a firmer US dollar making a perfect mix for investors.

All three main US bourses closed more than 2% in the black overnight, while Brent crude futures surged 9%, and the US dollar continued to rebound after a sloppy start to the week.

Chinese equities closed higher on Thursday, helping to restore confidence to global markets, and a revised US GDP figure also prompted a boost in confidence.

June quarter US GDP growth was revised up from 2.3% (annualized) to 3.7%, according to the Bureau of Economic Analysis, with household spending revised higher.

Japan's benchmark Nikkei 225 index rallied 2.37% to 19,014.31 points within the first hour of trade on Friday, with almost all 225 stocks on the index trading with gains, while Tokyo's broader Topix gauge bolted 2.69% higher to 1,540.70 points.

Hong Kong's benchmark Hang Seng index advanced 1.66% to 22,201.88 points at the opening bell, and mainland China's benchmark Shanghai Composite grew 1.03% to 3,115.33 points at the same time.

Korea's benchmark Kospi index jumped 1.29% to 1,932.64 points this morning in Seoul.

The benchmark Australian S&P/ASX 200 index traded 0.75% higher at 5,272.50 points in Sydney, with Australian oil and gas miners up sharply following the 9% gain in Brent crude futures overnight.

New Zealand's benchmark S&P/NZX 50 index was up 0.71% at 5,675.04 points this afternoon in Wellington.