Asian Stocks Rise the Most in Eight Weeks; Toyota Advances

Asian stocks rose the most in eight weeks, extending a global rally. Toyota Motor Corp. and Canon Inc. led exporters higher after the yen weakened against the dollar and Wal-Mart Stores Inc.'s profit beat estimates.

Mitsubishi UFJ Financial Group Inc. and National Australia Bank Ltd. paced gains among banks after Goldman Sachs Group Inc. said it doesn't plan significant writedowns on mortgage-related securities, easing concern credit-market losses will spread and helping U.S. stocks rally the most in a month.

``The Wal-Mart result shows the U.S. consumer is still spending,'' said Paul Xiradis, who manages about $8.3 billion at Ausbil Dexia Ltd. in Sydney. ``On the U.S. investment-banking front for the moment things are looking better than expected.''

The Morgan Stanley Capital International Asia Pacific Index added 2.6 percent to 162.39 as of 3:49 p.m. in Tokyo, the most since Sept. 19. All 10 industry groups advanced. Markets open for trading around the region climbed. China's CSI 300 Index rose the most in two weeks after retail sales grew at the fastest pace in more than eight years.

Tokyo Electron Ltd., the world's second-largest maker of machines used to produce semiconductors, jumped after saying orders will climb and Deutsche Bank AG raised its rating. Posco rose after UBS AG suggested investors buy steelmaker shares, saying earnings will recover this quarter.

Japan's Nikkei 225 Stock Average increased 2.5 percent to 15,499.56, its first gain in nine days. China Mobile Ltd. jumped in Hong Kong, where the Hang Seng Index rose 4.4 percent, the most since Aug. 20 and the region's best performer, after investors said a possible tie-up to sell Apple Inc.'s iPhones may benefit the company.
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