Nintendo Co. (7974), a Japanese maker of video-game players that gets 34 percent of its sales in Europe, rose 1.8 percent after the euro advanced against the yen. Elpida Memory Inc. (6665) advanced 3.1 percent after a newspaper reported the chipmaker is in talks with Micron Technology Inc. and Nanya Technology Corp. about a three-way merger. Inpex Corp. (1605), Japan’s No. 1 energy explorer, advanced 2 percent after the price of crude oil increased.
The MSCI Asia Pacific Index (TPX) gained 0.1 percent to 121.12 as of 10:23 a.m. in Tokyo with six of the 10 industry groups on the measure advancing. The gauge was set for the highest close since Oct. 31.
“The market has gotten used to developments in Europe, and investors are expecting things won’t get worse after they priced in negative factors,” said Naoteru Teraoka, general manager at Tokyo-based Chuo Mitsui Asset Management Co., which oversees about $29.9 billion. “The euro’s rebound against the yen is contributing to a buyback in shares. The question is how long it will last.”
Japan’s Nikkei 225 Stock Average rose 0.2 percent as the Bank of Japan is expected to keep its key overnight lending rate unchanged today, according to economists surveyed by Bloomberg News. Australia’s S&P/ASX 200 added 0.4 percent. Stock markets in China, Hong Kong and South Korea and Singapore are shut for the Lunar New Year holiday.
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