Asia Stocks Advance to Pare Worst Quarterly Decline Since 2011
- Toyota, Commonwealth Bank, Mitsubishi UFJ rally more than 2%
- Consumer, commodity companies lead gains on regional index
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Asian stocks rose, trimming their worst quarterly drop since the financial crisis, as Japanese shares led a rebound from Tuesday’s market tumble.
Japan’s Topix index rebounded 2.6 percent, leading gains across the Asia Pacific, after a 4.4 percent slump Tuesday. Toyota Motor Corp., Commonwealth Bank of Australia and Mitsubishi UFJ Financial Group, among Tuesday’s biggest decliners, all climbed more than 2.4 percent. BHP Billiton Ltd. added 2.8 percent in Sydney. Japan Tobacco Inc. slumped 6.7 percent after agreeing to pay about $5 billion for the international rights to Reynolds American Inc.’s Natural American Spirit division.