Asian Stocks Advance for Second Day on U.S. Economic Data, Ireland Hopes

Asian stocks rose, driving up a regional index for a second day, on signs a U.S. economic recovery is accelerating and on speculation a bailout for Ireland will prevent the nation’s banking crisis from spreading.

Canon Inc., a Japanese camera maker that derives about 80 percent of its revenue abroad, advanced 1 percent in Tokyo as the dollar traded near a six-week high against the yen. BHP Billiton Ltd., the world’s largest mining company, advanced 0.8 percent in Sydney as commodity prices climbed. Mazda Motor Corp. gained 1.7 percent after saying Ford Motor Co. will cut its stake in the Japanese carmaker.

The MSCI Asia Pacific Index rose 0.6 percent to 132.37 as of 9:17 a.m. in Tokyo, extending yesterday’s 1.4 percent climb. The gauge is rebounding after concern over how China will tackle the fastest inflation in two years triggered a global stock rout.

“Upward momentum in the U.S. economy was confirmed, so concerns that the yen will appreciate further receded,” said Juichi Wako, a senior strategist at Tokyo-based Nomura Holdings Inc. “Exporters will likely lead gains as worries about their earnings have decreased.”

Japan’s Nikkei 225 Stock Average rose 0.8 percent. South Korea’s Kospi Index increased 0.3 percent. Australia’s S&P/ASX 200 Index and New Zealand’s NZX 50 Index each gained 0.6 percent.

Futures on the Standard & Poor’s 500 Index were little changed. The index gained 1.5 percent yesterday as speculation grew that Ireland will accept a bailout to rescue indebted banks and reports on U.S. manufacturing and jobless claims bolstered optimism about the economy.