Asian Stocks Advance, Led by Banks; Woodside Climbs on Oil

By Patrick Rial

Oct. 21 (Bloomberg) -- Asian stocks climbed, led by financial companies and commodity producers, on optimism the U.S. and Japan will expand efforts to stimulate the economy.

Mitsubishi UFJ Financial Group Inc. rose 4 percent after Federal Reserve Chairman Ben S. Bernanke endorsed additional fiscal stimulus and newspapers reported Japan may cut taxes by almost $20 billion. Woodside Petroleum Ltd., Australia's second- largest oil producer, jumped 7.1 percent after oil advanced.

The MSCI Asia Pacific Index gained 2.3 percent to 92.71 as of 9:37 a.m. in Tokyo, rising for a third day, its longest winning streak since July 24.

Japan's Nikkei 225 Stock Average added 3.8 percent to 9,350.63. All other benchmark indexes in the region advanced.

U.S. stocks jumped yesterday, with the Standard & Poor's 500 Index rising 4.8 percent to 985.40.

To contact the reporter for this story: Patrick Rial in Tokyo at prial@bloomberg.net.