Asian Market Rise on Japanese Economy Reports

Asian stocks rose, led by Mizuho Financial Group Inc., after industrial production and household spending reports in Japan boosted confidence in the growth outlook for the region's biggest economy.
``There's a sense of recovery there and that's providing support to the market,'' said Hideyuki Ookoshi, who oversees $365 million at Chiba-Gin Asset Management Co. in Tokyo. ``If production recovers, the Japanese economy could take off from its current plateau around mid-year.''

The Morgan Stanley Capital International Asia-Pacific Index climbed 0.3 percent to 144.90 as of 1:33 p.m. in Tokyo. The benchmark has gained 3.3 percent this year, set for its third straight quarterly advance.

Japan's Nikkei 225 Stock Average rose 0.2 percent to 17,284.22, while the broader Topix index added 0.4 percent. Markets advanced, apart from in Hong Kong, China and New Zealand. South Korea, Taiwan and Singapore were little changed.

Inpex Holdings Inc. led energy stocks higher after crude oil prices rose for a ninth day. Australia's Fairfax Media Ltd. gained on speculation of industry mergers after ownership restrictions are removed next week. Samsung Electronics Co. fell after Citigroup Inc. cut its estimate for the company's earnings.

U.S. stocks climbed yesterday a government report showed the world's biggest economy grew at a faster pace last quarter than some economists expected.