DEBORAH MARCHINI, CNN ANCHOR: Another rally in Asia this Friday.</s>DAVID HAFFENREFFER, CNN ANCHOR: Yes, strong week -- Dalton Tanonaka sums up the day, now, for us from Hong Kong. Good morning, Dalton.</s>DALTON TANONAKA, CNN CORRESPONDENT: Good morning, David and Deborah. The rally I want to talk about is one to do with the political situation in the Philippines. The major story there: crucial defections in support for the current Philippine government. Details in a moment -- here's a quick rundown of major market action this day. Tokyo had its sixth consecutive win streak, up nearly one percent this day. The yen recovered from 18-months lows reached just the day before, after Japan's Central Bank chief said the yen is too weak. Early this week, Finance Minister Kiichi Miyazawa said the currency's recent weakness was no cause for alarm, the yen settling at 117.89 to the dollar. Hong Kong jumped more than 2 1/2 percent, lifted by strength in the telecom sector. And in South Korea, gains in blue chips pushed the KOSPI 2.6 percent higher, to finish at a four-month high. Now back to the Philippines, where the future of Joseph Estrada's presidency is in serious doubt, as the defense secretary and armed forces chief withdrew their support, at this massive protest in Manila. Mr. Estrada is in impeachment proceedings for allegedly taking illegal payoffs. Equally as significant, David and Deborah, the resignations of Finance Secretary Jose Pardo and Economic Chief Fillipe Madalo (ph). The Manila stock market closed before these dramatic developments, prices ending the week up one percent, but speculation of an Estrada resignation sent the Philippine currency soaring 16 percent, to 47 pesos to the dollar. It had hit a record low of 55 pesos, 75 centavos on Wednesday. And that is the major development in Asia, back to you, David and Deborah, in New York.</s>HAFFENREFFER: Dalton, thank you very much, have a good weekend.
Asian Market Update: Philippine Government in Turmoil