BANGKOK – Asian stocks rose Wednesday as Japan’s powerhouse exporters got a boost from hopes of new moves to weaken the yen while a deal appeared within reach between Greece and its creditors to cut the country’s massive debt load.
Benchmark oil approached $99 per barrel while the dollar was virtually flat against the euro but higher against the yen.
The Nikkei 225 index in Tokyo was 0.8 percent higher to 8,990.58 after briefly hitting 9,012.17, a three-month intraday high. South Korea’s Kospi rose 0.9 percent to 1,999.80 and Hong Kong’s Hang Seng gained 0.6 percent to 20,822.06. Australia’s SP/ASX 200 added 0.4 percent to 4,290.70.
Benchmarks in Singapore, Taiwan, Indonesia, New Zealand, India and mainland China also rose.
Greece has been kept solvent for the last two years by euro110 billion ($145 billion) in international rescue loans. But the money was not enough and a second loan is urgently needed to avert bankruptcy.
International lenders, however, have refused to approve more aid unless Greece learns to live within its means and implements a strict austerity program. Without an injection of emergency money — some euro130 billion ($170 billion) is on the line — Greece will likely default on bond repayments due next month.
“People are
Read More from the Article Source: Full Article
