Asian stocks surged on Friday with Japan’s Nikkei leading regional gains after Wall Street romped to records following the Federal Reserve’s big cut to interest rates. U.S. futures and oil prices were lower.

Markets on Wall Street were positioned to open at record highs Thursday after the Federal Reserve issued a bigger-than-usual interest rate cut intended to fortify a cooling labor market and prevent a

By Stella Qiu SYDNEY (Reuters) -Asian shares extended their rally on Friday, bathing in the afterglow of an outsized interest U.S. rate cut, while the yen edged higher as the Bank of Japan held rates steady and stayed upbeat on the economy.

U.S. stock indexes remained stuck in place as Wall Street made few big moves ahead of what’s expected to be the first cut to interest rates in more than four years.

Asian markets rose Friday to build on the latest global rally after a jumbo US interest rate cut this week, while the yen reversed earlier gains after the Bank of Japan decided against another hike.

The momentous move by the Fed helps financial markets in two big ways. It eases the brakes off the economy, which has been slowing under the weight of higher rates, and it gives a boost to prices for all kinds of investments.