Asian equities rallied for a second straight session on Friday as investors cheered comments from Federal Reserve Vice Chair Janet Yellen that U.S. monetary stimulus would remain in place for now.
Speaking on Thursday at her confirmation hearing before the Senate Banking Committee, Yellen said the central bank is not going to reduce its stimulus program anytime soon. Her dovish comments sent the Dow and the S&P 500 to fresh record highs.
"Yellen said it is important not to remove support too soon and there are dangers of ending QE [quantitative easing] too quickly. It is therefore clear that she will say no to tapering in December. However, the decision in December is not hers but Bernanke's," said Kathy Lien, Managing Director, BK Asset Management.
(Read more: Markets soothed by Yellen, watching data)