Asian stocks rose Thursday, extending a global surge in equities as the regional index headed for its steepest two-day advance in 13 months. Crude oil pared a fourth weekly decline, while the euro traded near a two-year low and wheat fell.

The MSCI Asia Pacific Index jumped 1.7 percent by 11:44 a.m. in Tokyo, after a 0.7 percent gain yesterday. Japan's Topix index climbed 1.9 percent as the yen traded near a one-week low. Futures on the Standard & Poor's 500 Index were little changed after the gauge capped its best two-day advance since 2011 in New York. Crude in the U.S. rose 1.1 percent after sliding 6.4 percent in the first four days of the week. The euro weakened to $1.2284 and wheat dropped 1.5 percent.

The Bank of Japan reports on monetary policy today, almost two months after unexpectedly boosting stimulus amid a recession in Asia's second-largest economy. The MSCI All-Country World Index is headed for its steepest weekly advance since the end of October after the Federal Reserve pledged patience on raising U.S. interest rates and as Switzerland's central bank introduced negative deposit rates.

“We've confirmed the Fed's stance now and markets are testing out a rebound,” Juichi Wako, a senior strategist at Nomura Holdings Inc. in Tokyo, said by phone. “Excessive risk aversion is calming down after it was confirmed that the Fed isn't hurrying into a rate hike.”

Fed Chair Janet Yellen said this week that policy makers are likely to hold key rates near zero at least through the first quarter, even as the U.S. economy strengthens. The central bank, in a statement after its last meeting of 2014, replaced a reference to borrowing costs staying low for a “considerable time” with a pledge to be patient on the timing for higher rates.