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Asian stocks boosted by commodities

The Asian stock markets have risen significantly today, Bloomberg reports.

Mining giants such as BHP Billiton, Jiangxi Copper Co and the Rio Tinto Group enjoyed a strong day, with Asian mobile phone firms KDDI Corp and Softbank Corp also gaining.

"Investors are buying trading companies as they are likely to make very strong earnings forecasts for this business year because of rising commodity prices,'' Japanese fund manager Yoji Takeda told the news agency.

The MSCI Asia Pacific Index was up 0.6 per cent to hit 146.07 approaching the close today - which is well on track to be the highest for over a month.

The Nikkei 225 Stock Average in Tokyo performed still better, gaining 1.2 per cent to 13,450.23 by 3pm, Japanese time.

However, the Australian markets have dropped slightly on news of bad debt exposure at financiers Australia & New Zealand Banking and the Commonwealth Bank of Australia.