Asian stocks rose for the third time in four days, led by finance and consumer companies, amid speculation the Bank of Japan will take more steps to ease deflation in the world's second-largest economy.
Sony Financial Holdings surged 14 per cent in Tokyo after saying it will boost its bond holdings to reduce risk. Toyota, Japan's largest automaker, gained 2.1 per cent. Telstra rose 2 per cent in Sydney on speculation Australia's Senate delayed a vote on legislation to break up the former state monopoly.
The MSCI Asia Pacific Index rose 0.5 per cent to 123.32 in Tokyo, with five stocks advancing for every three that fell. The Bank of Japan starts a two-day policy meeting today, while the US Federal Reserve is due to announce an interest-rate decision after Asian markets shut.
"Expectations for the BOJ to take additional measures for monetary easing have contributed to a gain in stocks," said Naoteru Teraoka general manager at the investment management division of Tokyo-based Chuo Mitsui Asset Management Co., which oversees about $23 billion.
Japan's Nikkei 225 Stock Average rose 0.2 per cent, while Hong Kong's Hang Seng Index advanced 0.3 per cent. The S&P/ASX 200 Index gained 0.2 per cent in Sydney.
South Korea's Kospi Index increased 0.1 per cent. Hynix Semiconductor Inc. gained 1.1 per cent as creditors sold shares in the company to investors without a discount.
Bloomberg
