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Japan stocks head for highest closing price in 15 years Japan's Nikkei closes at 15-year high
(about 4 hours later)
Japanese stocks are headed for the highest closing value in 15 years after the Federal Reserve indicated interest rates will be kept on hold for longer. 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.
Both the Nikkei 225 and broader Topix index rose 0.4% in early Tokyo trade. The benchmark Nikkei 225 rose 0.37% to close at 18,267.39 points.
They were also lifted by data showing Japan's trade deficit more than halved in January due to lower oil prices and a strong rise in exports. The trade deficit shrank to 1.2tn yen ($9.9bn; £6.4bn) from 2.8tn yen a year earlier, which beat market forecasts.
The shortfall 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.
Over in Australia, the benchmark S&P/ASX 200 fell 0.3% after falling commodity prices hit mining and energy-related stocks. 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.
The rest of Asia is mostly closed for the Lunar New Year holiday. Imports fell by 9%, helped by a fall in global oil and gas prices.
China, Hong Kong, Indonesia, Malaysia, Philippines, Singapore, South Korea, Taiwan and Vietnam are shut. 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.
Fed Minutes 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.
The Federal Reserve released the minutes of their January meeting overnight, where investors were watching for signs that the US central bank may raise interest rates for the first time since 2006. Monetary policy
Fed officials said the stronger US dollar and concerns about the stability of the eurozone inclined them toward keeping borrowing costs near zero for a longer time. Sentiment was also lifted on Monday after the Federal Reserve indicated interest rates will be kept on hold for longer.
Japan's central bank also kept their monetary policy unchanged when they met on Wednesday. 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.