Most Asian stocks rose, led by gains in Japan after the country intervened to weaken its currency for the first time since 2004. Mining companies rose on higher metal prices.
Canon, a camera maker that gets almost 85 per cent of sales outside Japan, climbed 2 per cent in Tokyo as Finance Minister Yoshihiko Noda confirmed the intervention. Newcrest Mining, Australia's biggest gold producer, jumped 2.2 per cent in Sydney after gold futures rose to a record.
The MSCI Asia Pacific Index rose 0.3 per cent to 124.58 in Tokyo. About three stocks advanced for each one that dropped. The measure has climbed 7.5 per cent from a one-month low on Aug. 25 amid speculation the US will avoid slipping into its second recession in three years.
“People in the market are trading shares while watching currency moves,” said Hiroichi Nishi, an equities manager in Tokyo at Nikko Cordial Securities.
“The market won't be falling much as excessive pessimism about the global economy, led by the US, is receding.”