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Shares in Asia rose Monday, as expectations for stimulus from central banks continued to buoy investor hopes after a volatile start to the year.

Japan's Nikkei Stock Average rose 0.7%, Australia's S&P ASX 200 gained 1.1% and South Korea's Kospi was up 0.6%.

The Japanese yen, last at ¥ 118.50 to one U.S. dollar, was up 0.2% compared to its late Friday level in Asia, although it hovered near its weakest since the beginning of the month. The yen reached ¥ 118.87 to one U.S. dollar Friday, its weakest since Jan. 6, as investors reversed recent bets on the currency strengthening.

The region was gaining amid expectations that the Bank of Japan might introduce fresh monetary stimulus later this week as well as hopes that the European Central Bank stands prepared to introduce fresh policies, too. The Nikkei soared by 5.9% on Friday, its largest daily percentage gain since Sept. 9.

In the U.S. Friday, the S&P 500 rose 2%, helped by a rebound in oil prices that boosted energy stocks, and a lift in iron ore prices. The Nasdaq closed up 2.7%.

Still, some analysts were wary. "It should be noted that the Bank of Japan has consistently disappointed the market expectations for further easing over the past couple of months, and they are more likely than not to leave their policies unchanged," Angus Nicholson, market analyst at brokerage IG said.

Earlier, Japan reported that its exports fell for a third straight month, by 8.0% in December from a year earlier to ¥ 6.338 trillion. Exports declined 3.3% in November. The reading compared with a median forecast for a 7.0% fall in a poll of economists by The Wall Street Journal.

Brent crude oil was up 0.4% at $32.55 a barrel. Oil prices notched their second consecutive day of gains in the U.S. on Friday, jumping 9% to $32.19 a barrel.

Gold prices were up 0.3% at $1099 a troy ounce.

Write to Chao Deng at Chao.Deng@wsj.com

(END) Dow Jones Newswires

January 24, 2016 20:55 ET (01:55 GMT)

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