* Currencies, equities rise
* Taiwan stocks set for best week since Nov 2022
* U.S. jobs data in focus

By John Biju
       March 8 (Reuters) - Most Asian currencies and equities
advanced on Friday ahead of  crucial U.S. jobs data and growing
optimism over U.S. rate cuts later this year, with equities in
Taiwan heading for their best weekly performance for the year. 
    Optimism over artificial intelligence-linked stocks which
swept global markets recently helped Taiwan stocks surge
4.5% this week and hit record highs, in what could be its best
week since Nov. 2022. 
    Equities in South Korea climbed more than 1% for the
week, heading for its best week since Feb. 16. 
    MSCI's gauge of emerging market currencies
rose up to 0.2% to hit highest level since early January. 
    Prospects of the start of a rate easing cycle by the U.S.
Federal Reserve firmed after Fed Chair Jerome Powell on
Wednesday said that rate reductions will "likely be appropriate"
later this year. 
    Powell said on Thursday that the U.S. central bank is "not
far" from gaining the confidence it needs in falling inflation
to begin cutting interest rates.
    "The Fed was very careful saying that while they are not in
a rush to cut interest rates, the rate cut is still on the
agenda. That was quite reassuring for the market," Sim Moh
Siong, FX strategist at Bank of Singapore said. 
    Investors now await U.S. nonfarm payrolls report due later
on Friday for further clues on the U.S. rate outlook.
    The improved risk sentiment following the comments helped
Asian currencies post broad gains with the South Korean won
 climbing 0.5% while the Indonesian rupiah rose
0.3%. 
    For the week, the Singapore dollar rose 0.9% and was
headed for its best week since Nov. 17, 2023. The Philippine
peso was on track for it best week since Feb. 2. 
    The Malaysian ringgit advanced 0.3% to hit its
highest level since Jan. 16 for the day, while equities
edged 0.1% higher. 
    The Bank Negara Malaysia (BNM) stood steady on interest
rates for a fifth straight meeting on Thursday where it
reiterated that the currency was undervalued and did not reflect
Malaysia's positive economic fundamentals and prospects.
    "BNM will remain a steady pair of hands for the rest of
2024, in our view. We expect no changes to the policy rate, at
3%, while BNM remains mindful of external (specifically
currency) developments," Lavanya Venkateswaran, a senior ASEAN
economist at OCBC wrote. 
    Markets now await inflation data from China on March 9 and
from India next week. 
    
    HIGHLIGHTS:    
    ** Bullish positions on Indian rupee at over two-year high;
Asian FX bears hold ground
    ** Japan Inc set to offer bumper pay hikes, paving way for
BOJ stimulus exit
    ** China growth target achievable if backed by more
stimulus, analysts say
    
    
  Asia stock indexes and                             
 currencies at 0347 GMT                         
 COUNTRY  FX RIC        FX     FX  INDE  STOCK  STOCK
                     DAILY  YTD %     X      S  S YTD
                         %               DAILY      %
                                             %  
 Japan               +0.10  -4.61  <.N2  0.88   19.40
                                   25>          
 China                           EC>          
 India                   -  +0.51  <.NS      -   3.51
                                   EI>          
 Indones             +0.32  -1.31  <.JK   0.46   1.85
 ia                                SE>          
 Malaysi             +0.28  -2.13  <.KL   0.11   5.69
 a                                 SE>          
 Philipp             +0.05  -0.67  <.PS   0.53   6.57
 ines                              I>           
 S.Korea                         11>          
 Singapo             +0.05  -1.00  <.ST   0.61  -2.69
 re                                I>           
 Taiwan              +0.15  -2.40  <.TW   0.23  10.09
                                   II>          
 Thailan             -0.07  -3.88  <.SE   0.64  -2.46
 d                                 TI>          
 

    
 (Reporting by John Biju in Bengaluru; Editing by Michael Perry)