TOKYO (Bloomberg) -- Asian stocks rose, led by Nintendo Co. and BHP Billiton Ltd., after the Federal Reserve eased concern the U.S., the region's biggest export market, is heading for a recession.

Samsung Electronics Co., South Korea's No. 1 exporter, gained after Fed policymakers signaled in minutes released that they may not need to cut interest rates further to sustain growth. Benchmarks in Australia, China, India, Hong Kong, Indonesia, and South Korea climbed to records.
“The Fed minutes have reassured investors that global markets should remain stable for the next couple of months,” said Jason Chong, who helps manage $600m at UOB-OSK Asset Management in Kuala Lumpur.
Anhui Conch Cement Co., China's biggest maker of the construction material, rose the most in 10 years after Credit Suisse Group doubled the company's share-price estimate in anticipation of higher prices. It had the steepest gain in the Morgan Stanley Capital International Asia Pacific Index.
The gauge of 1,056 companies added 0.5 percent to 167.75 as of 4:46 p.m. in Tokyo, set for a second consecutive record close. Japan's Nikkei 225 Stock Average gained 0.1 percent to 17,177.89, while the broader TOPIX lost 0.1 percent, one of three indexes to decline in the region with New Zealand and Singapore. Markets in Taiwan and Pakistan were closed for holidays.
Hong Kong's Hang Seng Index advanced to a new high, led by China Mobile Ltd., after Chief Executive Donald Tsang said the government will cut tax rates on corporate profits and salaries.
U.S. stock indexes rallied to highs for a second time this month after minutes showed Fed members avoided language that may have suggested the U.S. economy will contract. Policymakers all backed a decision to cut the benchmark lending rate by half a percentage point at the Sept. 18 meeting and said a decline in inflation will probably be sustained.
--------- U.S. economy increase
Nintendo, whose Wii game console is outselling Sony Corp.'s PlayStation 3 and Microsoft Corp.'s xBox 360 in the U.S., jumped 4.9 percent to 65,800 yen. The shares extended gains after the company said it will offer a download service allowing users to buy new games before they are sold in stores.
Samsung Electronics added 2.8 percent to 552,000 won. Samsung SDI Co., the world's largest maker of mobile-phone displays, jumped 14 percent to 74,900 won, the biggest gain since March 2002, after predicting it will double production capacity of a type of screen used in handsets to bolster profit.
Yue Yuen Industrial Ltd., the biggest maker of athletic shoes for Nike Inc. and Adidas AG, gained 0.6 percent to HK$24.95 in Hong Kong. Infosys Technologies Ltd., India's second largest software developer, added 1.8 percent to 2,084 rupees.
----------- Metals, oil
BHP, the world's biggest mining company and Australia's No. 1 producer of crude oil, climbed 2.3 percent to A$45.50. INPEX Holdings Inc., Japan's biggest oil explorer, rose 3.4 percent to 1.21 million yen. CNOOC Ltd., China's largest offshore oil explorer, gained 4.2 percent to HK$12.88.
A measure of six metals traded on the London Metal Exchange, including copper and nickel, gained 1.6 percent, the most since Sept. 24. Crude oil for November delivery climbed 1.6 percent to $80.26 a barrel on the New York Mercantile Exchange and was recently $80.30 in after-hours trading.
--------- Analyst forecasts
Anhui Conch, China's biggest maker of cement, surged 21 percent to a record HK$82.50 in Hong Kong. Credit Suisse increased its 12-month share-price estimate for the company to HK$120 from HK$60 a share.
Higher analyst forecasts also lifted other stocks.
Agile Property Holdings Ltd., a homebuilder in China's Guangdong Province, climbed 6.1 percent to HK$17 in Hong Kong after Goldman, Sachs & Co. raised its share-price forecast 81 percent to HK$20.15. In India, Bharat Heavy Electricals Ltd., the nation's biggest power equipment maker, jumped 4.2 percent to a record 2,331 rupees after Citigroup Inc. increased its share-price forecast by 32 percent to 2,542 rupees.
China Mobile, the world's largest mobile-phone operator by users, added 1.5 percent to HK$131.60 in Hong Kong after Tsang announced in his annual policy speech Wednesday that the city will cut salaries tax to 15 percent and profits tax to 16.5 percent in 2008-2009.
“That's good news benefiting the overall market, and property stocks in particular, as tax cuts can help trigger sales,” said Jacky Choi, who helps manage more than $6b at Value Partners Ltd. in Hong Kong.
------------ Harvest, Hong Kong
The Hang Seng gained 0.9 percent. It has surged 40 percent from the start of trading on Aug. 20, when China said it will allow some citizens to invest directly in Hong Kong's stocks.
Shares also gained after Harvest Fund Management Co., Deutsche Bank AG's partner in China, raised $4b for its first equity fund investing overseas within one day of subscription, adding to confidence funds from mainland China will pour into Hong Kong equities.
Industrial & Commercial Bank of China Ltd., China's biggest lender, gained after its equity fund venture with Credit Suisse was approved. ICBC Credit Suisse Asset Management Co. received regulatory approval to start investing overseas under China's qualified domestic institutional investor, or QDII, program, the company said.
Shares of Industrial & Commercial gained 4.9 percent to HK$6.66 in Hong Kong. Its mainland-listed stock climbed 4.1 percent to 7.59 yuan in Shanghai.