WELLINGTON: Japanese stocks climbed, extending the benchmark index’s more than seven-year high, while Asian bonds fell amid speculation Greece will resolve its standoff with creditors. Crude oil retreated and copper futures rose.
The Topix index gained 1.2 per cent by 9.47am in Tokyo, rising a third day to fuel a 0.4 per cent increase in the MSCI Asia Pacific Index. Standard & Poor’s 500 Index futures were little changed following the gauge’s advance to a record. Yields on Australian, New Zealand and Japanese 10-year debt climbed at least one basis point as gold held losses. Oil halted a three- day rally with data tomorrow forecast to show US supplies rose a sixth week. Copper futures added 0.5 per cent after a rout in base metals. Platinum rose from a 5 1/2-year low.
The Bank of Japan reports on monetary policy today, and minutes of the Federal Reserve’s January meeting are due, with Asian markets from mainland China to South Korea closed for Lunar New Year holidays. Greek Prime Minister Alexis Tsipras’ government was said to be working on a request to extend the nation’s loan agreement by six months, after talks earlier this week with euro-area finance chiefs failed. Japanese shares are trading at their most expensive level since May.
“Most market participants assume that, unlike last time, even in the worst case scenario the problems in Greece won’t lead to a breakdown in the European financial system,” Hiroichi Nishi, an equities manager at SMBC Nikko Securities Inc. in Tokyo, said by phone. “These assumptions are already being priced into the market.”
