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Japan's Nikkei closes at 15-year high | |
(about 4 hours later) | |
Japan's Nikkei share index closed at a 15-year high after data showed Japan's trade deficit more than halved in January, due to lower oil prices and a strong rise in exports. | |
The benchmark Nikkei 225 rose 0.37% to close at 18,267.39 points. | |
The trade deficit shrank to 1.2tn yen ($9.9bn; £6.4bn) from 2.8tn yen a year earlier, which beat market forecasts. | |
Japanese exports rose by 17% in January from a year earlier, marking the fifth straight month of increases. | |
Asia's second-largest economy is benefiting from the effect of the weakened yen, which has led to higher shipments of cars and electronics to other parts of the world. | |
Imports fell by 9%, helped by a fall in global oil and gas prices. | |
In Australia, the benchmark S&P/ASX 200 ended 0.2% lower at 5,904.20 points after falling commodity prices hit mining and energy-related stocks. | |
The rest of Asia is mostly closed for the Lunar New Year holiday, with China, Hong Kong, Indonesia, Malaysia, Philippines, Singapore, South Korea, Taiwan and Vietnam markets all shut. | |
Monetary policy | |
Sentiment was also lifted on Monday after the Federal Reserve indicated interest rates will be kept on hold for longer. | |
The US central bank released the minutes of its January meeting, with investors looking for signs that policymakers may raise interest rates for the first time since 2006. | |
Fed officials said the stronger US dollar and concerns about the stability of the eurozone meant they were more inclined to keep borrowing costs near zero for a longer time. | |
Japan's central bank also kept its monetary policy unchanged when they met on Wednesday. | |
The Bank of Japan said the economy is recovering moderately and indicated no change to their massive stimulus programme. | The Bank of Japan said the economy is recovering moderately and indicated no change to their massive stimulus programme. |
Investors now turn their eyes towards Greece, with hopes it can secure a fresh bailout deal with its creditors by the end of the week. |