TOKYO — Asian stocks surged today, driving Japan’s Nikkei 225 Stock Average to its steepest advance in 18 years, after U.S. and European governments agreed to buy stakes in banks. Treasurys and the Japanese yen declined.
The Nikkei jumped 13.2 percent, rebounding from its worst week on record, as people briefed on the plan said the U.S. government will invest in nine of the biggest U.S. banks. Sony, Toyota and Mitsubishi UFJ Financial Group climbed more than 14 percent.
Governments are “tackling the root of the problem,” said Christopher Wong, who helps manage about $25 billion in assets as investment manager at Aberdeen Asset Management Asia Ltd. in Singapore.
The MSCI Asia Pacific Index rose 8.4 percent to 96.07 as of 1 p.m. in Tokyo, poised for its biggest advance since 1998.
Australia’s S&P/ASX 200 added 3.6 percent. Hong Kong’s Hang Seng Index increased 3.1 percent to 16,814.64, bringing its two-day advance to 14 percent. The yen fell 0.7 percent to 102.79 per dollar, on course for a four-day drop.
Standard & Poor’s 500 Index futures gained 2.1 percent. Europe’s Dow Jones Stoxx 600 Index rose 9.9 percent.
