Asian commodity stocks rose as a forecast for faster European economic growth boosted confidence in a global recovery. Japanese shares fell as a stronger yen dented prospects for export earnings.
BHP Billiton Ltd., the world’s largest mining company, climbed 1.1 percent in Sydney after commodity prices increased. Mitsubishi Corp., which receives about 40 percent off its sales from commodities, rose 1.3 percent in Tokyo. Toyota Motor Corp. fell 0.7 percent on speculation Japanese Prime Minister Naoto Kan will survive a leadership challenge from Ichiro Ozawa, who advocates intervention to weaken the yen.
The MSCI Asia Pacific Index gained 0.1 percent to 123.92 as of 9:51 a.m. in Tokyo, with about two stocks falling for each one that rose. The measure has climbed 6.9 percent from a one- month low on Aug. 25 amid speculation the U.S. will avoid slipping back into recession.
“The sense of uncertainty about the future of the global economy is easing,” said Masumi Yamamoto, a market analyst at Tokyo-based Daiwa Securities Capital Markets Co.
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