Asian stocks gained in CFDs accounts, driving the MSCI Asia Pacific index higher for a third week, after profit at Research In Motion Ltd. and Oracle Corp. beat analyst estimates. The yen traded near a five-week low against the euro as demand for safer assets declined.
The MSCI Asia Pacific Index gained 0.9 percent to 124.35 as of 1:40 p.m. in Tokyo. Standard & Poor’s 500 Index futures advanced 0.5 percent.
The yen traded at 112.61 per euro in Tokyo, the lowest level since Aug. 11, from 112.18 in New York yesterday. Corn futures climbed above $5 a bushel for the first time in two years.
Investors took on more risk as unexpectedly higher sales and earnings at Blackberry maker Research in Motion and the world’s second-largest software producer Oracle signaled an increase in technology spending.
The yen was headed for a weekly loss against all its 16 major counterparts as Japanese Finance Minister Yoshihiko Noda pledged to continue to intervene in currency markets if necessary.
About seven stocks rose for every two that fell on the MSCI Asia Pacific Index, which climbed 2.1 percent this week. Japan’s Nikkei 225 Stock Average increased 1.1 percent and Australia’s S&P/ASX 200 Index climbed 0.7 percent. Hong Kong’s Hang Seng Index advanced 1.1 percent.