Asian Equities Higher with Japan Leading the Way

Asian stocks rose, with the benchmark index rebounding from the steepest drop since May, as Japanese shares led gains.

Mitsui Mining & Smelting Co., a maker of lead and copper alloys, jumped 7.4 percent in Tokyo after raising its full-year profit forecast. Japan Tobacco Inc. gained 3.1 percent, providing the biggest boost to the Topix index. Malaysian Airline System Bhd. soared 8.3 percent after sovereign wealth fund Khazanah Nasional Bhd. offered to take the carrier private. SK Hynix Inc., a South Korean maker of semiconductors, gained 1.7 percent after Eugene Investment & Securities Co. said higher estimated chip prices will boost second-half earnings.

The MSCI Asia Pacific Index (MXAP) advanced 0.8 percent to 145.26 as of 10:32 a.m. in Tokyo. The measure sank 1.4 percent Aug. 8, its biggest drop since May 7, as U.S. President Barack Obama authorized air strikes against militants in Iraq.

Bloomberg