Asia Ex Japan Stock Markets Rise After Greek Hope

Asian markets traded mostly higher on Friday as investors kept a close eye on developments in Europe and hopes for a deal with Greece.

Greece said it would talk to creditors about fixing its debt problem when another round of meetings begins later on Friday.

However, Japan’s Nikkei 225 fell 0.4% to 17,913.36 after closing at its highest since July 2007 on Thursday.

Friday’s fall was put down to profit-taking and a strengthening in the yen.

The dollar fell back to 118.93 yen, from Thursday’s level of 120.27. A stronger yen is a disadvantage for Japanese exporters as it makes their products more expensive abroad.

Chinese shares traded higher, following US gains overnight, but investors remained cautious ahead of a long Chinese New Year holiday.

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