Asian stocks rally after ECB debt rescue plan

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Asian stocks rally after ECB debt rescue plan

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Asian shares look set for their biggest daily gain in nearly five weeks after a global rally in response to the European Central Bank’s new bond-buying scheme.

Japan’s Nikkei average rose 1.8 percent, Shangai jumped 2.3 percent while Hong Kong’s Hang Seng stock market advanced 1.9 percent. Korea’s Kospi also gained 2.2. percent.

The ECB agreed on Thursday to launch a new and potentially unlimited bond-buying programme, focused on bonds maturing within three years in countries implementing approved fiscal austerity measures.

The ECB announcement also boosted the euro currency, which rose against the US dollar and the Japanese yen