Asian stocks rose for the third day in four, led by finance and consumer companies, while the yen gained versus 15 of its 16 major counterparts on concern a rescue plan for Greece doesn’t go far enough.

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The MSCI Asia Pacific Index rose 0.3 percent to 123.12 as of 12:45 p.m. in Tokyo amid speculation Japan’s central bank will take more steps to ease deflation. The yen strengthened to 123.54 per euro in Tokyo from 123.83 in New York yesterday, when it reached 125.32 yen, the weakest since Feb. 4. It climbed to 90.28 per dollar from 90.53. Standard & Poor’s 500 futures increased 0.1 percent. The index was little changed yesterday.

Bank of Japan policymakers meet today and tomorrow, and may expand a fund that provides loans to banks to increase lending. The Federal Reserve is forecast to keep interest rates unchanged later today. Debate is expected to center on whether economic conditions have improved sufficiently to warrant changing earlier comments by the U.S. central bank that rates will remain “exceptionally low” for an extended period.

“Expectations for the BOJ to take additional measures for monetary easing have contributed to a gain in stocks,” said Naoteru Teraoka, general manager at Chuo Mitsui Asset Management Co. in Tokyo, which oversees $23 billion. “If easing measures are announced, that should block the yen’s appreciation.”

Five stocks rose for every three that declined on the MSCI Asia Index. Toyota Motor Corp., Japan’s largest automaker, gained 1.9 percent to 3,570 yen. Nikon Corp., which makes cameras, climbed 3.4 percent to 2,181 yen.

Japan Deflation

The Bank of Japan’s options include expanding a 10 trillion yen fund providing loans to banks, two central bank officials said last week on condition of anonymity. The country remains in a “mild deflationary phase,” the Cabinet Office said yesterday in its economic assessment for March.

Sony Financial Holdings Inc. surged 14 percent to 298,800 yen in Tokyo, leading gains among finance companies in the region, after saying it will boost bond holdings to reduce risk.

Telstra Corp. rose 1.3 percent to A$3.08 in Sydney after legislation that may lead to a breakup of the former Australian monopoly telephone company was delayed.

The Fed will announce its interest-rate decision today, with all 90 economists surveyed by Bloomberg News forecasting policy makers will keep the benchmark interest rate at a record- low range of zero to 0.25 percent. Since March 2009, the Fed has said “exceptionally low” rates are likely warranted for “an extended period.”

The Fed’s “extended period’ language will be more vigorously debated, which could be dollar supportive and be seen as a step closer to them actually changing the language,” said Michael Katz, a currency strategist at Forecast Ltd. in Sydney.

Australian Dollar

The Australian dollar fell after minutes from the Reserve Bank of Australia’s last meeting signaled the pace of rate increase may be gradual.

Finance ministers from the 16 countries using the euro worked out a strategy for emergency loans in case Greece’s plan for 4.8 billion euros ($6.6 billion) in tax increases and wage cuts fails to stave off fiscal disaster.

Aid to Greece would probably come through governments pooling funds to extend direct loans to Greece, said a European official who asked not to be named. The meeting in Brussels yesterday didn’t resolve the size of future loans, which countries would offer them or the rates and durations.

“Definitely, there are worries that concrete aid measures for Greece may not be announced,” said Hideki Amikura, deputy general manager of foreign exchange at Nomura Trust & Banking Co., a unit of Japan’s largest brokerage. “It’s a negative for the euro against the dollar and the yen.”

Ringgit, Rupiah

Malaysia’s ringgit weakened fell 0.1 percent to 3.3240 per dollar on speculation the U.S. will signal an end to its near- zero interest-rate policy, boosting demand for U.S. currency. The Indonesian rupiah weakened 0.1 percent to 9,175.

Antoine van Agtmael, who coined the term “emerging markets,” said equities in developing nations are fairly valued and need a “breather” after last year’s record rally.

Shares in emerging markets could decline or increase as much as 20 percent this year, Van Agtmael, who helps manage $13 billion as chairman and chief investment officer of Emerging Markets Management LLC, said in an interview with Bloomberg Television. Stocks aren’t cheap at levels comparable to developed markets, he also said.

OPEC Unchanged

Crude oil traded below $80 a barrel in New York amid signs the Organization of Petroleum Exporting Countries will keep output levels unchanged at a meeting tomorrow in Vienna, contributing to the high level of crude stockpiles.

Oil declined 1.8 percent yesterday as the U.S. currency gained against the euro, curbing demand for commodities as an alternative investment. An Energy Department report tomorrow may show U.S. crude supplies rose for a seventh week, according to a Bloomberg News survey of analysts.

“The recovery story has been priced into commodities,” said David Moore, a commodity strategist at Commonwealth Bank of Australia Ltd. in Sydney. “Some of the commodities, and oil is one, are getting up to high price levels relative to recent trading ranges and that has caused some investors to back off.”

Copper for three-month delivery increased 0.2 percent to $7,321 a metric ton and aluminum was up 0.1 percent at $2,230 a ton. The Baltic Dry Index, a measure of shipping costs for commodities, advanced 1.9 percent yesterday, its fourth consecutive increase.