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.

Greece Talks

Futures on the Standard & Poor’s 500 Index slid 0.1 percent today. The index added 0.1 percent in New York yesterday after Germany and France said talks between Greece and bondholders were making progress.

Gains in stocks may be limited as European finance ministers balked at putting up more public money for Greece, calling on bondholders to provide greater debt relief in order to point the way out of the debt crisis.

The MSCI Asia Pacific Index (TPX) gained 6.3 percent this year through yesterday, compared with gains of 4.6 percent by the S&P 500 and 5.1 percent by the Stoxx Europe 600 Index. Stocks in the Asian benchmark are valued at 1.3 times book value. That compares with 2.1 times for the Standard & Poor’s 500 Index in the U.S. and 1.4 times for the Europe Stoxx 600 Index in Europe.

Oil rose for a second day on prospects crude supplies may be disrupted after the European Union said it will impose a ban on imports from Iran. Crude for March delivery increased as much as 39 cents to $99.97 in electronic trading on the New York Mercantile Exchange.

To contact the reporters on this story: Yoshiaki Nohara in Tokyo at ynohara1@bloomberg.net; Satoshi Kawano in Tokyo at skawano1@bloomberg.net.

To contact the editor responsible for this story: John McCluskey at j.mccluskey@bloomberg.net

http://www.bloomberg.com/news/2012-01-24/asian-stocks-rise-sixth-day-as-europe-outlook-boost-exporters-canon-rises.html

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