Asian stocks jumped, driving the regional benchmark index toward a one-month high, as concern over Greece exiting the euro eased after projections showed pro- bailout parties won enough seats to control parliament.

Canon Inc., a camera maker than gets 31 percent of sales in Europe, rose 2.5 percent in Tokyo. Inpex Corp., Japan's biggest energy explorer, advanced 3.4 percent as crude futures jumped for third day. Lynas Corp. surged 10 percent in Sydney after Malaysia rejected an appeal by local residents to cancel the Australian miner's license to run the world's largest rare- earths refining facility in the Southeast Asian nation.

The MSCI Asia Pacific Index climbed 1.4 percent to 115.78 at 10:19 a.m. in Tokyo, heading for its highest close since May 15. Almost 14 shares advanced for each that fell in the gauge. About $5.5 trillion has been erased from share prices around the world since March amid concern growth is slowing in the U.S. and China, the two largest economies, and as Europe's debt crisis intensified.

"There's a short-term sigh of relief," said Belinda Allen, senior investment analyst at Colonial First State Global Asset Management in Sydney, which oversees about $145 billion.

"It removes the tail risk event that we were concerned about in terms of Greece leaving the European Union immediately. We all know there's still a long and hard road ahead for Greece and the problems of Europe aren't solved by this election."

Japan's Nikkei 225 Stock Average and South Korea's Kospi Index both gained 2.2 percent. Australia's SandP/ASX 200 Index rose 1.6 percent.

Greek Vote

Futures on the Standard and Poor's 500 Index added 0.6 percent as official election projections showed Greece's pro- bailout New Democracy and Pasok parties took 162 seats in the 300-member parliament, easing concern that Alex Tsipras's Syriza party would take control of the Greek government and reject austerity measures needed to qualify for international aid.

"Greece's election is a good result and will provide some short-term relief for sure," said Nader Naeimi, Sydney-based head of dynamic asset allocation at AMP Capital Investors Ltd., which manages almost $100 billion.

"This will put to rest for a little while the prospect of Greece leaving the euro. I'm positive on risk and on equities, especially with valuations at extreme cheapness and with very high chances of central banks and authorities further easing monetary policy."

Concern Europe's debt crisis would slow economies and prompt bank losses has spurred the three biggest declines in global equities since they reached a six-year low in March 2009.

The MSCI All-Country World Index tumbled 16 percent between April and July 2010, fell 24 percent from May through October 2011, and has declined 9.3 percent since reaching a seven-month high of 337.14 on March 19, data compiled by Bloomberg show.

The MSCI Asia-Pacific, which lost 11 percent from this year's highest level in February through June 15, is trading at 1.2 times book value, compared with 2.1 times for the SandP 500 and 1.3 times for the Stoxx 600, according to data compiled by Bloomberg.

A number below one means companies can be bought for less than value of their assets. - Bloomberg