Asian Stocks Advance for Fifth Week as Commodity Shares Rally
- Japan's Topix falls for fourth session amid strengthening yen
- Emerging markets surge as Manila climbs 20% from January low
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Asian stocks headed for a fifth weekly gain as material and energy companies climbed after oil topped $40 a barrel. Japanese shares slid after the yen jumped against the dollar.
Equity gauges in China, Hong Kong, Australia and Singapore gained, while the MSCI Asia Pacific Index was little changed. The regional gauge is heading for a 1.6 percent five-day increase and the longest streak of weekly advances since July 2014. China stocks posted their steepest weekly gain since November while Manila’s benchmark index entered a bull market. Japan’s Topix index fell 1 percent after the yen rose more than 1 percent against the dollar on Thursday as the Federal Reserve cut forecasts for interest-rate increases.