Asian markets jumped on Friday after the US Federal Reserve unleashed a third round of asset purchases or QE3 in a bid to shore up growth in the world's largest economy. 

A regional benchmark index was headed for the longest winning streak since January 2011.

The MSCI Asia Pacific Index was up 1.8% to 123.16 as of 11:19 a.m. in Tokyo, poised for a seventh day of advance. 

More than five stocks climbed for each that fell on the index, which has gained 3.4% this week and is heading for the biggest weekly gain since December.

The MSCI Asia Pacific index rose 3.2% this quarter through yesterday 

Material shares gained the most among the 10 industry groups on the MSCI Asia Pacific measure while financial shares accounted for a third of the bounce in the Asia Pacific benchmark.

The Fed policymakers said that it will buy US$40bn of mortgage-backed debt per month until the job market improves substantially as long as inflation remains contained

The central bank will continue its purchases of mortgage-backed securities and undertake other asset purchases if the outlook for the labor market doesn’t improve substantially, the FOMC said yesterday.

The US central bank also said that it was unlikely to raise interest rates from current lows until at least mid-2015, extending the time frame for such a move from late 2014.

Oil rose to a four-month high on speculation that the fresh stimulus measures by the Fed will boost fuel demand amid concern that unrest in the Middle East and North Africa will disrupt supplies.

The dollar was 0.1% from a four-month low against the euro as Fed Chairman Ben S. Bernanke's plan to conduct another round of quantitative easing (QE) raised concern about the US currency's strength.

The dollar index measured against a basket of key currencies fell to a fresh four-month low of 79.134.

The euro was set for a fifth weekly gain versus the yen, the longest run in three years. The yen fell from a seven-month high amid speculation Japan will intervene in markets to weaken the currency.

The yen may appreciate against the dollar to levels that the Japanese authorities would find uncomfortable.

Finance Minister Juno Alumni said on Friday that Japan stands ready to take decisive action against excessive yen rises if necessary after it hit a seven-month high against the dollar following the Fed's move.

Shanghai commodities futures, from copper, zinc to reb jumped between 3% to 5%. 

US stocks scaled multi-year peaks, with the Standard & Poor's 500 Index hitting its best close since December 2007 on Thursday.

Spot gold rose 0.4% to a 6-1/2 month high of US$1,774.96 an ounce, adding to Thursday's 2% gain.

Oil extended its overnight gains, with US crude futures rising 0.6% to US$98.89 a barrel and Brent adding 0.5% to US$116.41.

The Thomson Reuters-Jefferies CRB commodity index rose 0.5% on Thursday, a sixth straight gain, to touch the highest level since March.