That makes the Bank of Japan, not the Federal Reserve, the most important central bank meeting next week. All eyes, of course, are on the Federal Reserve. Fed Chair Jerome Powell and company are widely expected to lower interest rates on Sept.

World stocks neared record highs due to the Federal Reserve's significant interest rate cut. The yen eased after remarks from the Bank of Japan Governor, while the dollar strengthened. Market movements are also influenced by Chinese economic data and expectations for further stimulus.

Asian stocks have surged, with Japan’s Nikkei 225 index leading gains after Wall Street romped to records following the Federal Reserve’s big cut to interest rates

Asian shares extended their rally on Friday, bathing in the afterglow of an outsized interest rate cut in the United States, while the yen was jittery ahead of a monetary policy decision in Japan as traders look for clues about future tightening.

Corporate earnings growth in Asia is already outpacing the rest of the globe. According to Bloomberg data, 12-month forward earnings estimates for the MSCI EM Asia Index increased by 10% this year, compared to 8% for the MSCI World Index. Thursday’s surge in Japanese shares was driven both by the Fed’s rate cut and the weakening yen.