BHP Billiton Ltd., the world's largest mining company, increased 1.6 percent as commodity prices advanced. Canon Inc., a Japanese camera maker whose shares fell yesterday to the lowest level since April 2009, gained 3.6 percent. Qantas Airways Ltd., Australia's largest carrier, tumbled 15 percent to a record low after forecasting full-year profit may plunge as much as 91 percent.
The MSCI Asia-Pacific Index rose 0.9 percent to 110.04 as of 11:13 a.m. in Tokyo, snapping a four-day decline and recouping some of yesterday's 2.1 percent loss.
"We are likely to see a reasonably strong policy response in a number of countries," said Angus Gluskie, managing director at White Funds Management in Sydney, who manages more than $350 million. "It's stacking up to be a reasonably good buying opportunity."
The MSCI Asia-Pacific has fallen 15 percent from its peak this year on Feb. 29. The measure slumped 10 percent in May, the biggest monthly loss since October 2008, when global markets tumbled following the collapse of Lehman Brother Holdings Inc. Equities continued declines into June as a U.S. jobs report added to concern global growth is slowing amid a deepening debt crisis in Europe.
In Seoul, the Kospi Index gained 0.7 percent, while Japan's Nikkei 225 rose 0.5 percent. Japan's broader Topix Index, which entered a bear market yesterday, with stocks plunging to a level not seen since 1983, rose 1 percent today.
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