Asian stocks climbed, led by BHP Billiton Ltd., on higher commodity prices and speculation of further takeovers in the metals industry.

Rio Tinto Group, the world’s third-largest mining company, rose to a record after the Times of London said it’s set to bid for Alcan Inc. South Korea’s Posco paced a rally in steelmakers after Chaparral Steel Co. agreed to be bought for $4.22 billion.

The Morgan Stanley Capital International Asia-Pacific Index climbed 0.3 percent to 157.59 at 10:44 a.m. in Tokyo, after falling yesterday by the most in two weeks. A measure of materials shares including BHP posted the biggest advance among its 10 industry groups.

Japan’s Nikkei 225 Stock Average added 0.4 percent to 18,127.90. Nintendo Co. climbed after the yen weakened against the dollar and euro, and U.S. Federal Reserve officials said the world’s biggest economy will weather a housing slump.

Australia’s S&P/ASX 200 Index rose 0.3 percent. All markets open for trading advanced.

(Bloomberg)