Asian stocks rose, with the regional benchmark index set for its first weekly advance in three weeks, after European Central Bank President Mario Draghi unveiled an expanded stimulus plan.
The MSCI Asia Pacific Index (MXAP) added 0.2 percent to 140.1 as of 9:00 a.m. in Tokyo. The gauge is headed for a 1.9 percent gain this week, with Japanese shares poised to post their first weekly gain this year. The ECB kept benchmark rates at record lows and announced an expanded asset-purchase program, including private and public securities, of up to 60 billion euros ($68 billion) a month through September 2016.
“It’s quite pleasing to see them coming out with force,” said Nader Naeimi, who helps manage about $125 billion as Sydney-based head of dynamic asset allocation at AMP Capital Investors. “Market expectations were high and Draghi managed to surprise even the highest of expectations. It should help to stabilize European growth.”
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