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Asian Stocks Advance to 10-Week High on Earnings Speculation

Asian stocks rose, driving the MSCI Asia Pacific Index to the highest level in more than 10 weeks, as a surge in earnings at Canon Inc. and China’s industrial companies boosted confidence in the region’s corporate profits.

Canon, the world’s largest camera maker, surged 5.7 percent in Tokyo as JPMorgan Chase & Co. upgraded the company after its second-quarter profit quadrupled. Baoshan Iron & Steel Co. gained 2.9 percent in Shanghai after China’s statistics bureau reported a 72 percent surge in industrial companies’ first-half earnings. Fuji Heavy Industries Ltd., the maker of Subaru cars, climbed 6.8 percent on increased production.