In April, Nikkei was up 16% for the month, ​Taiwan advanced 23% and South Korea rose almost 31%

Asian shares rallied in relief on Friday as oil prices dropped from high levels and upbeat company earnings pulled investors ​into tech stocks, while Japan’s reported yen-buying intervention steadied the battered currency.

In April, Nikkei was up 16% for the month, ​Taiwan advanced 23% and South Korea rose almost 31%.

Market holidays limited the reaction across Asia on Friday, with the Nikkei up 0.6% ⁠and Australian shares advancing 0.9%. MSCI’s broadest index of Asia-Pacific shares outside Japan edged 0.3% higher.

Asia does remain acutely vulnerable to higher energy prices, importing most ​of its oil and gas, and oil flows remain badly disrupted through the vital Strait of Hormuz.

Iran said on Thursday it would respond with “long and painful strikes” ​on U.S. positions if Washington attempted to renew attacks and restated its claim to the strait.

That saw Brent crude firm 0.6% to $111.70 a barrel, though that was well below Thursday’s four-year high of $126.41.

Currency markets had also come alive after sources said Japanese authorities had intervened on Thursday to sell dollars for yen, ​initially sending the U.S. currency slipping five yen to a two-month low of 155.50.

Yet buyers were back on Friday, lifting the dollar to 157.29 in a sign ​Tokyo may still have to do more if it really wants to draw a line at the 160.00 yen barrier.

In other news, U.S. technology company Apple beat forecasts and provided ‌an upbeat outlook for sales, though it did warn of chip supply constraints. Its shares increased 2.7% in extended trading, adding to gains of 10% in both Caterpillar and Alphabet as they beat expectations.

Hopes for profits saw U.S. stock market rise, with the S&P 500 jump more than 10% for all of April, while Nasdaq soared 15% in its best performance since 2020. S&P 500 futures ​were up 0.2% on Friday, with Nasdaq futures firming 0.1%.