Asian Shares Buoyed by Hopes for Easy Money

Stocks in Asia rose Friday, buoyed by expectations of easy money from central banks around the globe.

Australia's S&P/ASX 200 gained 1.0% and Japan's Nikkei Stock Average was up 0.8%, as hopes grew for accommodative monetary policies from the European Central Bank after a weak reading on inflation.

The gains also tracked a surge in global stocks overnight, including in the U.S. where the Federal Reserve looks likely to hold off lifting interest rates for a while.

Tokyo was getting a lift from the U.S. dollar's continued rise against the yen, extending a long-term rally pinned on broader expectations for higher rates later this year and a stronger U.S. economy. The U.S. dollar was at Yen119.85 from Yen119.66 late Thursday in New York. Its climb tends to be a boon for Japanese exporters which repatriate dollar revenues from overseas.

The resource-heavy Australian market led gains in the region, as crude oil prices continued to rebound. Oil futures, which recently fell below $50 a barrel, had pressured markets around the globe earlier this year, but prices appeared to have stabilized with a 0.3% rise overnight to $48.79 a barrel.

Energy stocks led Australia higher with heavyweight Woodside Petroleum Ltd. up 2.7%, BHP Billiton Ltd. up 2.7% and Rio Tinto Ltd gaining 1.9%.

Elsewhere, South Korea's Kospi was up 0.7%.

Write to Chao Deng at [e-mail]

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