ASIA MARKETS: Asia Stocks Gain As U.S. Reaches Debt-limit Deal

By Carla Mozee, MarketWatch

LOS ANGELES (MarketWatch) -- Asian stocks rose Thursday, bolstered by an agreement in Washington to reopen the government and raise the debt ceiling in time to meet a crucial deadline.

The U.S. Senate late Wednesday passed the bill to restore federal operations and fund the government through Jan. 15 and keep the debt ceiling until Feb. 7. The bill moves to the House of Representatives, where Speaker John Boehner said he will allow a vote on it before the Thursday deadline.

Investors worldwide have been concerned that the U.S. could default on its debt obligations, resulting in a disruption of business activity and long-running efforts to encourage economic growth worldwide.

Japan's Nikkei Stock Average climbed 1.1%, as did the broader Topix index. Australia's S&P/ASX 200 rose 0.3%, paring its opening gains, and South Korea's Kospi picked up 0.5%.

Japanese stocks were aided by the yen's pullback against the U.S. dollar, which took strength from Washington's agreement. The dollar (USDJPY) bought as much as Yen99.05 compared with Yen98.75 late Wednesday.

Among the advancers in Tokyo, shares of Fujitsu Ltd. (FJTSY) topped advancers as they tacked on 4.6%, and Mazda Motor Corp. (7261.TO) rose 3.2%.

Also higher were shares of Kansai Electric Power Co. , rising 4.2% after the utility swung to a first-half pretax profit of 31 billion yen ($314 million).

In Sydney, shares of Newcrest Mining Ltd. (NCMGF) underperformed the broader market, falling 0.9% after the gold producer said it faces about $115 million in extra tax charges this fiscal year.

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