Asian Stocks Rise as Japanese Banks Increase, Exporters Climb on Yen Slide

Asian stocks climbed, with the regional benchmark index increasing for the first day in three, as Japanese banks rose on a brokerage upgrade and BHP Billiton Ltd. edged higher on speculation it may bid for a stake in Woodside Petroleum Ltd.

Mitsubishi UFJ Financial Group Inc., Japan’s biggest bank by market value, rose 2 percent after Deutsche Bank AG boosted its rating on Japanese banks. Toyota Motor Corp., the world’s biggest carmaker, advanced 2 percent in Tokyo after the dollar rose against the yen. BHP Billiton Ltd. climbed 0.6 percent in Sydney. Kia Motors Corp. rose 2.1 percent in Seoul after Edaily said the carmaker’s market share will climb to a record, along with Hyundai Motor Co.

The MSCI Asia Pacific Index rose 0.8 percent to 135.14 at 10:24 a.m. in Tokyo, with about two stocks advancing for each that declined. All 10 industry groups on the gauge rose.

Japan’s Nikkei 225 Stock Average gained 0.5 percent, while Australia’s S&P/ASX 200 Index climbed 0.6 percent. South Korea’s Kospi Index was little changed.

Futures on the Standard & Poor’s 500 Index dropped 0.4 percent today after Cisco Systems Inc. projected less profit than analysts estimated. The index increased 0.4 percent yesterday as the rally in oil buoyed energy producers and concern eased that Europe’s debt crisis will worsen.

Japanese banks led gains on the MSCI Asia Pacific Index for a second day, after Deutsche Bank raised their outlook on the sector to “overweight” from “market-weight.”

Mitsubishi UFJ rose 2 percent to 401 yen, the second- biggest support to the MSCI Asia Pacific Index. Sumitomo Mitsui Financial Group Inc., Japan’s second-biggest bank by market value, gained 2.1 percent to 2,564 yen. Mizuho Financial Group Inc., the No. 3, climbed 3.2 percent to 130 yen.