Japanese Stocks Hit 7 Year High

Japanese shares hit a seven-and-a-half-year high despite news that the latest talks in the eurozone over Greece ended without a resolution.

Eurogroup head Jeroen Dijsselbloem said six hours of talks produced no agreement to extend Greece’s 24bn euro ($270bn; £17.8bn) bailout plan.

The Nikkei 225 closed up 1.9% at 17,979.72 – its highest level since July 2007.

The dollar was at 120.28 yen, down from 120.35 yen in US trade.

Investor sentiment was boosted by data that showed Japan’s core machinery orders rose in December at the fastest pace in six months, and that companies expected orders to increase.

The 8.3% month-on-month gain was much higher than the forecast for a 2.4% increase.

Shares in industrial robot maker Fanuc soared 6.2% and hit a record high after local media reported that hedge fund Third Point had bought a stake in the company.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza