Asian stocks surged, as the regional benchmark index is inching towards its 5^th straight weekly rally, while fewer Americans than estimated filed claims for unemployment benefits and after France and Spain sold bonds at lesser yields.

Toyota Motor Corporation (7203), a Japanese car maker, which receives nearly 70% of its sales from abroad, surged by 3.4% in Tokyo. HSBC Holdings Plc., which is the biggest lender of Europe as per market value, shot up by 2.9% in Hong Kong. Keppel Land Ltd., a property developer in Singapore, added up 5.5% after posting a 47% rise in the 4^th quarter profit.  Li Ning Co., biggest sportswear company of China, advanced by 10% after selling 750mn Yuan ($119mn) of convertible bonds. .

The MSCI Asia Pacific Index shot up by 0.8% to 120.10 at 12:20 p.m. in Tokyo’s time, with nearly 2 shares increasing for each that dropped. The measure rose by 4.7% in 2012 through Thursday, which records the best beginning to any year since 1988, as per the data amassed by Bloomberg.

Japanese Nikkei 225 Stock Average increased by 1.3%, whereas South Korean Kospi Index went up by 0.9%. Australian S&P/ASX 200 added up 0.2%. Hang Seng Index of Hong Kong increased by 0.2%, trimming its earlier advances by nearly 1.1%.

Chinese Shanghai Composite Index surged 0.3%, trimming earlier advance by nearly 0.6%, following a survey that depicted China’s manufacturing output will tighten for a 3^rd month in this month. Chinese markets will be closed next week for the Lunar New Year holidays.