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.

NEW YORK (AP) — U.S. stocks are drifting around a record on Friday as they head for the close of a second straight winning week.

The fading shadow of reflationists in the Bank of Japan, and the latest addition to the board of an academic favouring an end to ultra-low interest rates, will likely bring the central bank's thinking closer to global peers taking a more conventional approach on monetary policy.

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Australia's inflation rose 0.2% in the December quarter and 2.4% annually, according to data released by the Australian Bureau of Statistics.

Shares were mixed in thin Asian trading on Monday after U.S. stocks edged back from their all-time high. Oil prices fell and U.S. futures sank, while Chinese shares shed some of their early gains after a survey of manufacturers showed export orders dropping to a five-month low.

(AP Photo/Shuji Kajiyama, File) Bank of Japan Gov. Kazuo Ueda arrives at its headquarters in Tokyo Friday, Jan. 24, 2025. (Japan Pool/Kyodo News via AP) People walk along a pedestrian crossing at Ginza shopping street in Tokyo, on March 31, 2023 ...

On the winning side of Wall Street were Novo Nordisk’s U.S.-listed shares, which jumped 8.6%. The Danish company reported results from a clinical trial of a treatment for people who are overweight or obese, which could mean bigger profits in the future.

Australia's export price index rose 3.6%, while its import price index advanced 0.2% in the fourth quarter of 2024.

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.

Asian equities were primed to climb Friday following gains on Wall Street that extended beyond the closing bell as Apple Inc shares rose in after-hours trading on its quarterly results.

Wall Street is pointing slightly lower in early trading but is on track to close the week with solid gains on healthy quarterly earnings reports from large U.S. corporations