Stocks set records in Japan, South Korea; dollar gets Fed boost

Shares climbed to record highs in Japan and South Korea on Friday as peace in the Middle ​East with the reopening of the Strait of Hormuz pulled oil prices even lower and eased inflation fears. The US dollar was ‌on a tear, hovering near a 13-month high on its major peers, after a hawkish turn from the Federal Reserve led markets to price in more than one rate hike this year. That dragged the yen to the weakest level in two years and intensified speculation that Japanese authorities might have to intervene soon and stem the currency’s slide. Oil tankers have started sailing ​through the Strait of Hormuz after the United States lifted its blockade on Iran on Thursday as an interim deal to end the three-month ​war took effect. Brent crude futures dropped 1% on Friday to $79.03 a barrel, and were down 9.5% for the week.