The European Central Bank's (ECB) bold bond-buying scheme is set to provide a temporary boost to Asian equities but is no game changer for the region's markets, say analysts.
After months of speculation, the ECB on Thursday pledged to buy 60 billion euros ($70 billion) worth of private and public bonds each month until September 2016 in a program that could amount to 1.1 trillion euros.
This was more aggressive than the 50 billion euros in monthly asset purchases analysts expected. Investors applauded the move, sending European and U.S. equities higher overnight.
The positive sentiment carried over into the Asian trading session on Wednesday, with South Korea's KOSPI rising 0.8 percent and Indonesia's Jakarta Composite up 1 percent. But, analysts expect the lift will be short-lived.
"I doubt the increased liquidity will be driving a lot of fund inflows into Asia [over the medium-term]," Stephen Sheung, head of investment strategy at SHK Private told CNBC.