Stock market today: Asian shares mostly rise after Middle East tensions weigh on Wall St

Asian shares were mostly higher Friday after worsening tensions in the Middle East sent stocks lower on Wall Street while boosting crude prices.

Japan's benchmark Nikkei 225 edged up 0.2% to finish at 38,635.62. Australia's S&P/ASX 200 slipped 0.7% to 8,150.00. South Korea's Kospi added 0.4% to 2,570.97. Hong Kong's Hang Seng jumped 2.1% to 22,568.48. Trading was closed in Shanghai for a holiday.

In currency trading, the U.S. dollar edged down to 146.11 Japanese yen from 146.83 yen. The euro inched up to $1.1035 from $1.1034.

Japanese Prime Minister Shigeru Ishiba, who took office on Tuesday, gave a policy speech that promised salary increases for workers that exceed inflation, as well as an economic package that will give support for low-income households. He also said he will promote investment to create “a virtuous cycle of growth and distribution.”

The Bank of Japan has begun very gradually raising its benchmark rate from near zero. It now stands at around 0.25%. Expectations of rising rates had pushed the yen higher after the Liberal Democrats elected Ishiba to head the governing party and thus serve as prime minister. But the yen has fallen back against the dollar in the past two days after officials sent clear signals that they did not favor further rate hikes at this time.

A cheaper yen could work as a plus for Japan's giant exporters like Nintendo and Toyota by boosting the value of their overseas earnings. But it raises the cost of imports of oil and other vital commodities, pushing domestic prices higher and pinching household spending.

Stocks sank Wednesday on Wall Street as oil prices kept rising while the world waits to see how Israel will respond to Iran’s missile attack on Tuesday.

The S&P 500 fell