Wall Street stocks retreated Friday as the market's latest rally lost steam, while the yen pushed higher after the Bank of Japan lifted interest rates. In Japan, Tokyo's stock market dropped and the yen rallied after the Bank of Japan lifted borrowing costs to their highest level since 2008 and flagged further increases in the pipeline.

Wall Street pointed slightly lower in early trading Friday but remains on track to close the week with solid gains with major corporations turning in largely healthy earnings reports. Futures for the S&P 500 ticked down 0.

Wall Street banks are getting ready to sell up to $3 billion of debt holdings in X, the social-media platform controlled by Elon Musk, two sources with knowledge of the matter said on Friday.

Japan’s core inflation rate rose to a 16-month high at 3% in December, year on year, boosting the case for a rate hike from the Bank of Japan.

The Bank of Japan delivered a widely expected 25 basis point hike to its key lending rate on Friday, bringing the overnight call rate to the highest since 2008 and putting pressure on the dollar. The ICE Dollar Index slipped 0.

Japan's central bank has raised its key interest rate to about 0.5% from 0.25%, noting that inflation is holding at a desirable target level.

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TOKYO (AP) — Asian shares mostly rose Thursday, following a rally on Wall Street driven by encouraging update on U.S. inflation. Japan’s benchmark Nikkei 225 added 0.2% to 38,532.18.

Bank of America and Morgan Stanley earnings are out. Follow along for live updates on stocks, bonds and other markets, including the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite.

Helping to keep the stock market calm was a relatively steady bond market, which has been driving much of the action on Wall Street lately. When worries about inflation and the U.S. government’s swelling debt have been on the rise,

Follow along for live updates on stocks, bonds and other markets, including the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite.

A look at the day ahead in U.S. and global markets from Mike Dolan The dollar fell to its lowest of the year as the Bank of Japan delivered a long-awaited interest rate rise on Friday, euro business unexpectedly returned to growth and President Donald Trump's latest comments gave China a lift.