Most Asian Stocks Advance, Led by Japanese Banks, Exporters; BHP Increases

Most Asian stocks rose, led by Japanese banks on speculation they’ll be exempt from stricter capital rules and as the dollar traded near a two-week high against the yen, boosting the outlook for the nation’s exporters.

Mitsubishi UFJ Financial Group Inc., Japan’s biggest bank by market value, jumped 4 percent after the Financial Times said Group of 20 leaders are considering proposals that would exempt most large Asian banks from new global regulations. Canon Inc., a Japanese camera maker that gets about 80 percent of its revenue from overseas, gained 2.1 percent in Tokyo. BHP Billiton Ltd., the world’s No. 1 mining company, climbed 0.3 percent in Sydney after metal prices increased.

About four times as many stocks advanced as declined in the MSCI Asia Pacific Index, which was little changed at 135.07 as of 9:37 a.m. in Tokyo. The gauge rose 4.2 percent last week, its biggest weekly gain this year, after the U.S. Federal Reserve expanded record measures to boost the world’s largest economy.

Japan’s Nikkei 225 Stock Average jumped 1.1 percent, the biggest increase among Asia-Pacific equity benchmarks. Australia’s S&P/ASX 200 Index gained 0.1 percent and South Korea’s Kospi Index climbed 0.2 percent.

Futures on the Standard & Poor’s 500 Index rose 0.1 percent. The index slid 0.8 percent yesterday, the most in three weeks, as financial and raw-materials companies declined.

The dollar appreciated to as much as 81.97 yen about 5:50 a.m. in Tokyo, the strongest level since Oct. 27, boosting the value of overseas income at Japanese companies when converted into their home currency.

The London Metal Exchange Index of prices for six industrial metals including copper and aluminum jumped 2.4 percent yesterday to the highest level since May 2008.