Asian stocks rose for a second day and Japan's Topix Index erased losses from the 2008 collapse of Lehman Brothers Holdings Inc. as the Reserve Bank of Australia cut its benchmark interest rate and the European Central Bank said it's ready to lower borrowing costs further.

Nikkei 225 14,180.24 +486.20 +3.55%

Hang Seng 22,993.18 +78.09 +0.34%

S&P/ASX 200 5,143.7 -12.50 -0.24%

Shanghai Composite 2,235.57 +4.41 +0.20%

Mitsubishi Heavy Industries Ltd. jumped 4.9 percent after Japan's No. 2 maker of electricity generation equipment and its partner Areva SA won a deal to build a nuclear-power plant in Turkey.

Toyota Motor Corp. rose 4.9 percent in Tokyo after the Nikkei newspaper reported the world's biggest carmaker will report earnings tomorrow that may exceed analyst estimates.

SJM Holdings Ltd. gained 3.7 percent in Hong Kong after Asia's largest casino company reported higher first-quarter profit.