Asian equities rose on Friday and regional bond yields declined as easing oil prices helped temper inflation concerns.

Federal Reserve Chairman Kevin Warsh's signal that this week's interest-rate increase could be the start of a broader effort to curb inflation also helped ease longer-term price concerns.

Earlier on Friday, the Bank of Japan raised its benchmark interest rate to a 30-year-high to 1.25% and signaled that further increases are likely.

For investors, the key is to view the BOJ's actions as a normalization of policy rather than a tightening cycle, said Tai Hui, APAC chief market strategist at J.P. Morgan Asset Management, in a note.

After decades of deflation and ultra-low interest rates, the country is operating in a healthier environment, supported by sustained inflation, solid wage growth and resilient corporate earnings, he said. "Rather than a headwind for equities, higher rates are a reflection of these positive economic developments," he added.

The dollar strengthened versus the yen after the BOJ decision. It was last 0.7% higher at 157.12 yen, while the yield on Japan's 10-year government bonds fell half a basis point to 2.985%.

Australia's 10-year government bond yield was down 4.3 basis points to 5.268%, and New Zealand's 10-year sovereign yield declined 5.5 basis points to 4.947%. Bond yields move inversely to prices.

Stock markets across the Asia-Pacific region were broadly higher. Japan's Nikkei Stock Average was up 1.7% and Hong Kong's Hang Seng Index gained 0.7%. South Korea's Kospi was up 2.6%, Taiwan's Taiex advanced 1.4% and Shanghai Composite Index was 1.0% higher.

Meanwhile, oil prices eased on reports that Saudi Arabia could soon restore some flows through its damaged East-West pipeline, which was shut down following a drone attack launched from Iraq. The kingdom expects to return about half of the pipeline capacity within days, ANZ Research analysts said in a note.

The pullback in oil prices also reflected some profit-taking after two weeks of gains, they added.

Front-month West Texas Intermediate crude oil futures declined 0.6% to $101.27 per barrel, while front-month Brent crude oil futures fell 0.9% to $103.90 a barrel, according to ICE data.