SINGAPORE (Jan 9): Asian stocks rose for a second day, with the regional benchmark index paring its weekly drop, after the Standard & Poor’s 500 Index erased its 2015 loss and the yen weakened. Materials shares led gains.

The MSCI Asia Pacific Index climbed 0.5 percent to 137.07 as of 9:05 a.m. in Tokyo, heading for a weekly decline of 0.7 percent. BHP Billiton Ltd. added 2 percent in Sydney. Crude extending its retreat into 2015 helped wipe about $1.7 trillion off global equity values over the first six days of the year.

Stocks rebounded as a drop in euro-area consumer prices fueled speculation the European Central Bank will bolster stimulus efforts and after the Federal Reserve signaled no change in its approach to rates in minutes of its December meeting.

“While we are likely to see more volatility going forward, the rally looks sustainable on expectations easy money will continue for some time,” Tim Radford, a strategist at Rivkin Securities in Sydney, said by phone. “The Fed can afford to hold back raising interest rates given the low inflation, especially with cheaper oil prices. Should the ECB come out with a large-scale quantitative easing, that will further support equities.”

Japan’s Topix index climbed 0.6 percent as the yen weakened for a third day against the dollar. South Korea’s Kospi index and Australia’s S&P/ASX 200 Index gained 0.9 percent. New Zealand’s NZX 50 Index increased 0.6 percent. Markets in China and Hong Kong have yet to open.

Chinese inflation quickened in December, data today may show. The Shanghai Composite Index rallied 61 percent in the 12 months through yesterday, the best performer among 93 global indexes tracked by Bloomberg, amid speculation the government will further ease monetary policy to support growth. The gauge fell 2.4 percent yesterday, its biggest loss since Dec. 23, amid concern the gains were excessive.

Futures on the S&P 500 Index slid 0.1 percent. The gauge advanced 1.8 percent yesterday, erasing losses for 2015 on speculation central banks will support growth even as the American economy shows signs of strength. Data on U.S. payrolls are due today.