Asian stocks rose for the first time in four days as a weaker yen improved the earnings prospects for Japanese exporters and China stepped up measures to bolster its economy, Bloomberg reported.
Toyota Motor Corp., which makes 37 percent of its sales in North America, climbed 2.6 percent in Tokyo as the yen traded near its weakest this year against the dollar. China National Software & Service Co., which designs language software, jumped 10 percent in Shanghai after a stimulus package for the industry was approved. Iluka Resources Ltd., the world's biggest zircon producer, gained 12 percent in Sydney after profit surged.
"There appears to be some light at the end of the tunnel," said Nader Naeimi, an investment strategist at AMP Capital Investors in Sydney, which manages about $85 billion. "But you still don't know if there's a train coming toward you. We're still dealing with a sharp synchronized slowdown, and the underlying concern remains global growth."
The MSCI Asia Pacific Index advanced 0.9 percent to 78.27 as of 1:57 p.m. in Tokyo. The measure dropped 13 percent this year, extending 2008's record 43 percent tumble, as the credit crisis sent the world's biggest economies into recession.
The Nikkei 225 Stock Average gained 0.9 percent to 7,604, while South Korea's Kospi Index added 0.7 percent. Hong Kong's Hang Seng Index dropped 0.4 percent as a city official forecast lower economic growth.
PT Bank Danamon Indonesia, backed by Temasek Holdings Pte and Deutsche Bank AG, jumped 8 percent in Jakarta on plans to raise funds through a rights offer. PT Indosat, an Indonesian mobile-phone operator, tumbled 13 percent after Citigroup Inc. cut its recommendation on the stock.
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