Market Report - Asia Rallies On

Japan's Toyota declined after a $8.6 billion loss forecast and a drop in sales of 1 million vehicles.

Brewer Kirin, though, gained after agreeing to terms on a $2.5 billion takeover of Australia's Lion Nathan.

Tokyo Stock Exchange president Atsushi Saito says current Japan market gains will be held.

[Atushi Saito, President, Tokyo Stock Exchange]:
“It will take some time after some zig-zagging. But the equities market will be in an environment where it will respond to good surprises and people realizing, ‘This has become better and that has become better.’”

Taiwan shares hit an 8-month high, as chipmaker UMC advanced after reporting rising sales in April.

But oil prices steadied near a 6-month high of $58 a barrel, on hopes of renewed demand alongside a global economic recovery.