tokyo exchange
A man walks past a monitor showing numbers on the Tokyo Stock Exchange (top) and Hong Kong Stock Exchange in Tokyo on Jan. 27, 2016. TOSHIFUMI KITAMURA/AFP/Getty Images

Asian stocks rose Monday, extending gains fueled by the Bank of Japan's surprise negative-interest rate move on Friday. Oil also gained on Friday, giving a boost to energy companies and the industries that supply them.

Japan's Nikkei 225 rose 1.5 percent after a 2.8 percent jump on Friday. South Korea's KOSPI gained 0.6 percent, Singapore's STI rose 2.6 percent and Australia's ASX 200 was up 0.9 percent.

In the U.S. on Friday, the Dow Jones Industrial Average, Standard & Poor's 500 and Nasdaq Composite all gained 2.4 percent to 2.5 percent, paring back some losses at the end of a turbulent first month for financial markets.

The Bank of Japan cut its benchmark interest rate to negative 0.1 percent on Friday -- meaning banks will have to pay it to keep their money -- a move meant to push banks to boost lending instead to fuel growth and inflation. Days before, the U.S. Federal Reserve acknowleged market turmoil, leading more traders to believe it will hold off on interest rate increases. And the week before, the European Central Bank hinted it would consider further stimulus in March instead of midyear. It already entered negative-rate territory in 2014. ECB President Mario Draghi will speak on the bank's budget at the European Parliament Monday.

“With lower global growth and inflation expected, the BOJ has taken a leap forward, and Europe is considering a move as well,” said Shoji Hirakawa, chief equity strategist at Okasan Securities Co. in Tokyo, Bloomberg reported. “Investors such as pension funds should slowly shift their assets from bonds to equities.”

The global oil benchmark rose 85 cents or 2.5 percent to $34.74 a barrel, paring back a decline that took it to $27.10 on Jan. 20, its lowest since 2003. The U.S. benchmark gained 40 cents, or 1.2 percent, to $33.62 per barrel. Oil rose last week on speculation Russia and Saudi Arabia may agree to oil production cuts, which traders expect would boost prices.