Japan's Nikkei 225 index added 2%, South Korea's Kospi gained 3.5% and Australia's ASX rose 2%.
The move by five of the world's biggest central banks was aimed at ensuring that lenders, especially in Europe, kept providing money to each other.
There have been fears that credit markets may freeze up.
Banks are facing billions of dollars of losses as a number of European countries struggle to service their debt obligations.
Europe's finance ministers are scheduled to meet in Poland later on Friday in a bid to chart out a plan to deal with the debt crisis in the region. They will also be joined by US Treasury Secretary Timothy Geithner.