Asian markets rose Friday as a below-forecast read on US inflation boosted hopes for another interest rate cut next month, while blockbuster earnings from chip firm Micron helped soothe nerves over a tech bubble.The yen fell against the dollar after the Bank of Japan (BoJ) hiked its own borrowing costs to a three-decade high, hours after data showed prices continued to rise more than preferred.A tough week for global equities looked to be heading for a positive end after figures showed US inflation slowed last month to its lowest level since July and was well below forecasts.The reading provided a sliver of light for rate cuts, after traders pared their bets on a fourth successive reduction in January following the Federal Reserve’s policy decision last week.Markets see a 20 percent chance of a cut next month, though they see two by the end of 2026, according to Bloomberg News.However, analysts said disruptions to data collection during the longest-ever US government shutdown, which ended in mid-November, had likely distorted the figures.Economists at Bank of America warned that “we recommend taking (the) report with a large grain of salt”, citing “shutdown-related distortions”.Still, the news helped lift all three main indexes on Wall Street, which has come under pressure in recent weeks amid questions about when, if ever, investors will see returns on the colossal amounts of cash that have been pumped into artificial intelligence (AI).That has led to speculation about a bubble in the tech sector — which has led the equity surge to record highs this year — that could pop soon.Those concerns, though, were tempered Thursday after blowout earnings from chip company Micron Technology, which said quarterly profits nearly tripled to $5.2 billion as it benefits from the AI boom. It also gave an upbeat outlook for the current three months.The positive lead from Wall Street was picked up by Asia, where Tokyo added one percent while Hong Kong, Shanghai, Sydney, Seoul, Singapore, Taipei, Mumbai, Bangkok and Wellington were all up.London and Paris fell at the open, while Frankfrurt was flat.  The BoJ lifted borrowing costs to their highest level since 1995, hours after news that inflation held steady at three percent in November, well above its target of two percent.The yen retreated to as much as 156.71 per dollar — from 155.86 late Thursday — before recovering to around 155.90.Yields on 10-year Japanese government bonds hit a 26-year high. They have been on the rise in recent weeks on worries about Prime Minister Sanae Takaichi’s budget discipline, while the yen has weakened. Takaichi, who took power in October, has promised to fight inflation as a major priority.While the Japanese currency remains under pressure, observers see it strengthening as the Fed cuts rates at the same time the BoJ lifts them.”As the BoJ proceeds with measured rate increases while Fed implements one to two cuts, the yield gap that has long supported dollar strength will continue tightening,” wrote IG market analyst Fabien Yip.”This convergence should exert sustained downward pressure on (the dollar against the yen) throughout the year.”- Key figures at around 0815 GMT – Tokyo – Nikkei 225: UP 1.0 percent at 49,507.21 (close)Hong Kong – Hang Seng Index: UP 0.8 percent at 25,690.53 (close)Shanghai – Composite: UP 0.4 percent at 3,890.45 (close)London – FTSE 100: DOWN 0.2 percent at 9,822.64Dollar/yen: UP at 156.68 yen from 155.63 yen on ThursdayEuro/dollar: DOWN at $1.1720 from $1.1721Pound/dollar: DOWN at $1.3364 from $1.3378Euro/pound: DOWN at 87.58 pence from 87.62 penceWest Texas Intermediate: DOWN 0.3 percent at $55.99 per barrelBrent North Sea Crude: DOWN 0.3 percent at $59.67 per barrelNew York – Dow: UP 0.1 percent at 47,951.85 (close)

TikTok said Thursday it has signed a joint venture deal with investors that would allow the company to maintain operations in the United States and avoid a ban over its Chinese ownership.The move caps a lengthy tussle over the hugely successful video-sharing app in the world’s largest economy, where TikTok says it has more than 170 million users.According to an internal memo seen by AFP, TikTok CEO Shou Chew told employees that the social media company and its Chinese owner ByteDance had agreed to the new entity.Oracle, Silver Lake and Abu Dhabi-based MGX are on board as major investors, the memo said. Oracle’s executive chairman Larry Ellison is a longtime ally of US President Donald Trump.”The US joint venture will be responsible for US data protection, algorithm security, content moderation, and software assurance,” Chew said in the memo.”It will also have the exclusive right and authority to provide assurances that content, software, and data for American users is secure.”Chew told staff that half the US venture will be held by a consortium of new investors including Oracle, Silver Lake and MGX — which will have 15 percent each.Affiliates of existing ByteDance investors will own a touch over 30 percent of the venture, with Bytedance retaining just shy of 20 percent, the maximum ownership allowed for a Chinese company under the terms of the law.TikTok Global’s US entities will manage global product interoperability, and certain commercial activities, including e-commerce, advertising, and marketing, according to the memo.Chew noted that there is more work to be done ahead of the January 22 closing date for the deal.- Ellison amassing media? -The new set-up is in response to a law passed under Trump’s predecessor, Joe Biden, that forced ByteDance to sell TikTok’s US operations or face a ban in its biggest market.US policymakers, including Trump in his first presidency, warned that China could use TikTok to mine data from Americans or exert influence through its state-of-the-art algorithm.Trump has delayed enforcement through successive executive orders, most recently extending the deadline into January.The deal largely confirms a September announcement by the White House that said a new venture had been agreed with China and would meet the requirements of the 2024 law.”If I could make it 100 percent MAGA I would, but it’s not going to work out that way unfortunately,” Trump told reporters after the TikTok announcement in September.Trump in September had specifically named Oracle boss Ellison, one of the world’s richest men, as a major player in the arrangement.Ellison has returned to the spotlight through his dealings with Trump, who has brought his old friend into major AI partnerships with OpenAI.Ellison has also financed his son David’s recent takeover of Paramount and is involved in his son’s bidding war with Netflix to take over Warner Bros.- Bytedance impact -Beijing’s foreign ministry spokesman Guo Jiakun did not directly address reports of the deal, reiterating Friday that “China’s position on the TikTok issue is consistent and clear”.Bytedance did not immediately comment, but experts said it was a compromise that had averted the blow of losing access to the lucrative US market.”Keeping the US operation live is itself a victory” for Bytedance, Li Chengdong, founder of Chinese technology consultancy Dolphin, told AFP.Settling the issue allows Bytedance to focus on new ventures including artificial intelligence projects, and could help it move towards an initial public offering (IPO), Li said.Zhang Yi of technology research firm iiMedia said the US market was of “paramount importance to TikTok” but warned the deal did not guarantee smooth sailing going forward.”The US side could still leverage its regulatory power… to impose unfair demands on TikTok,” Zhang said.