Asian stocks rose on Thursday, led by commodity and consumer related sectors, with steadier commodity markets and the euro's rally above $1.41 bringing some investors back into the markets in search of bargains.
The risks surrounding the euro have not eased much, with Greece fighting to avoid a debt restructuring that could have a big ripple effect across other high risk-European countries struggling with gaping fiscal deficits.
Worries about Europe along with fallout from a spike in volatility in precious metals and crude prices have made investors scamper back and forth between shunning risky assets to scooping them back up, albeit in reduced trading volumes.
Japan's Nikkei share average climbed 1.1 percent in early trade, with camera maker Canon Inc leading the charge. The stock was up 5 percent after it said on Wednesday that would buy back 50 billion yen ($610 million) of its own shares.
The Nikkei is still in a fairly narrow downtrend in May, though this week has bounced off of the April low.
The MSCI index of Asia Pacific stocks outside Japan was up 0.8 percent after closing at a two-month low on Wednesday.
Investors kept their buying focused mostly in the materials and consumer discretionary sectors, areas of the market that have been among the highest returning segments so far this year.
The euro was up 0.3 percent to $1.4120, after bears were unable to push the currency below the 100-day moving average this week.
The Australian dollar, which serves as a weather vane of investor risk taking, was up 0.3 percent at $1.0560, trimming some losses on the week.
Oil futures were trying to add to the week's gains. U.S. crude for July was up 0.3 percent to $101.64 a barrel while Brent was up 0.3 percent to $115.33 a barrel.
U.S. crude has bounced $7 since hitting the lowest since mid February in early May.
