SINGAPORE, May 3 (Reuters) - Asian stocks rallied on

Friday after Apple's ( AAPL ) record $110 billion share buyback

plan lifted the tech sector, while the yen put more distance

from recent 34-year lows to cap a tumultuous week that saw

suspected interventions from Tokyo.

With markets in Japan and mainland China closed on Friday,

regional trading activity is likely to be subdued as traders

look ahead to the U.S. nonfarm payrolls data later in the day.

MSCI's broadest index of Asia-Pacific shares outside Japan

rose 1.5% and was set for a second straight week

of gains. Hong Kong's Hang Seng Index spiked 2% higher,

on course for a 5% gain for the week.

The yen strengthened 0.55% to 152.80 per dollar in

early trading on Friday, having started the week by touching a

34-year low of 160.245 per dollar on Monday.

In between, traders suspect the authorities stepped in on at

least two days this week and data from the BOJ suggests Japanese

officials may have spent roughly $60 billion to defend the

beleaguered yen, leaving trading desks across the globe on high

alert foe further moves by Tokyo.

A series of Japanese public holidays as well as Monday's

holiday in the UK - the world's biggest FX trading centre -

could present a possible window for further intervention by

Tokyo. Japanese markets are also closed on Monday.

The yen has weakened for over a decade, largely due to low

Japanese interest rates drawing funds out of the country towards

higher yielding assets in other large economies including the

United States. Despite the sizable bounce in the yen this week,

it is still down 8% against the dollar this year.

While there has been two bouts of suspected MOF

interventions, another $20 billion of yen buying on Friday

would really scare off the yen shorts and get dollar/yen below

150, Chris Weston, head of research at Pepperstone, said in a

note.

"Good things come in three's, and while another bout of

intervention seems unlikely, the MOF/BOJ could turn momentum

trader and shake things up one last time ahead of nonfarm

payrolls."

The dollar index, which measures the U.S. currency

against six peers, was last at 105.25. The index is set to clock

a 0.7% decline for the week, its worst weekly performance since

early March.

The Federal Reserve this week left rates unchanged and

signalled that its next policy move will be to lower its rates,

though chair Jerome Powell noted that recent strong inflation

readings have suggested that the first of these cuts could be a

long time in coming.

"The Federal Reserve has clearly had its confidence shaken

by the recent string of disappointing inflation releases," said

Susan Hill, senior portfolio manager at Federated Hermes.

While the bar for moving back to a tightening bias is quite

high, it seems likely that the current 5.25%-5.50% Fed Funds

target range will be unchanged for the next several months, Hill

said.

U.S. stocks ended higher on Thursday, with tech heavy Nasdaq

advancing 1.5% buoyed by chip stocks.

In after-market hours Apple ( AAPL ) reported quarterly results and

forecast that beat modest expectations and unveiled a record

share buyback program, sending its stock up almost 7% in

extended trade.

U.S. economic data on Thursday also showed the labour market

remains tight, ahead of key government payrolls data due later

on Friday. Economists polled by Reuters forecast 243,000 jobs,

with estimates ranging from 150,000 to 280,000.

In commodities, U.S. crude rose 0.39% to $79.26 per

barrel and Brent was at $83.98, up 0.37% on the day.

Spot gold was last $2,304.16 an ounce and were set

for second straight weekly decline.

(Editing by Shri Navaratnam)