Asian stocks advanced after U.S. President Barack Obama expressed confidence that he and Congress would reach a budget agreement. The yen weakened.

Japanese benchmark index Nikkei 225 rose 124.75 points, or 1.38%, to trade at 9,148.91. Hong Kong’s Hang Seng index advanced by 50.94 points, or 0.24%, to trade at 21,209.95.China’s Shanghai Composite decreased 1.48 points, or 0.07% to trade at 2,013.25.

Taiwan’s Taiex index rose 14.18 points, or 0.20%, to trade at 7,144.25. South Korea’s Kospi index increased 17.51 points, or 0.94% to trade at 1,878.34. Singapore's Straits Times indexed advanced 4.19 points, or to 0.14% trade at 2,948.82. (07.23 a.m., IST)