Asian stocks rose, with the regional benchmark index set for the highest close in almost three months, after the yen fell and Apple Inc. reported quarterly profit more than doubled, boosting the earnings outlook for Asian exporters.

Nikkei 225 8,849 -34.22 -0.39%

Hang Seng 20,439 +328.77 +1.63%

S&P/ASX 200 Closed

Shanghai Composite Closed

Li & Fung Ltd., a supplier of toys and clothes to Wal-Mart Stores Inc., advanced 3.4 percent in Hong Kong.

Cnooc Ltd. (883) and other energy companies advanced after oil and metal prices climbed.

Franshion Properties China Ltd. (817) led gains among Chinese developers on speculation the mainland will ease lending.

Tokyo Electric Power Co. rose 5.4 percent after a report the company will accept public funds to avoid bankruptcy.