European stocks on Thursday closed at an 11-month high, with German stocks hitting a 2016 peak as the euro was yanked down, after the European Central Bank said it would continue buying government bonds through next year, but at a lower amount each month beginning in April.

European stocks on Thursday closed at an 11-month high, with German stocks hitting a 2016 peak as the euro was yanked down, after the European Central Bank said it would continue buying government bonds through next year, but at a lower amount each month beginning in April.

Asian currencies were hit Friday by a perceived easing by the European Central Bank, even as the Asian stock market reaction was mostly positive. The ECB said Thursday it would extend its bond-purchase program by nine months to the end of 2017, but cut its monthly purchases to €60 billion from €80 billion, as of April.