Asian stocks touched their highest in more than four months on Monday and gold, oil and copper hovered near multi-month highs, after rallying late last week on hopes that fresh stimulus from the world’s top central banks will support flagging growth.

The dollar languished near its lowest in seven months, as the aggressive new securities-buying programme announced by the Federal Reserve on Thursday tempted investors back into riskier assets such as equities and commodities.

MSCI’s broadest index of Asia Pacific share markets outside Japan edged up 0.2 per cent, having reached its highest level since early May. Tokyo markets were closed for a holiday.

Most of the regional gains came in the growth-sensitive materials and energy sectors. The materials sector has broken out of a downtrend, said IG Markets analyst Stan Shamu in Melbourne.

The tone has been bullish in financial markets since the European Central Bank said on Sept. 6 it would intervene in the bond markets to drive down the borrowing costs of struggling euro zone members.

A second monetary shot-in-the-arm was delivered by the Fed, which said it would pump $40 billion into the economy each month until the jobs market shows sustained improvement, powering U.S. stocks to their highest close in nearly five years on Friday.