Japan shares at 14-yr high; Asia holiday for lunar new year

Japanese stocks climbed to their highest level in nearly 15 years today as strong trade data and hopes for a compromise over Greece's debt boosted sentiment. Most regional markets were closed for lunar new year holidays.
The Nikkei 225 stock index gained 0.5 per cent to 18,289.20, falling back from an intraday peak of 18,322.50 that was the benchmark's highest level since May 2000.
The rally was driven by strong buying of exporters and shipping lines after the government reported the trade deficit plunged nearly 60 per cent on a 17 per cent year-on-year jump in exports in January.
Shipping line Mitsui OSK rose 09 per cent; electronics and entertainment giant Sony Corp gained 2.7 per cent and machinery maker Fanuc Corp rose 0.7 per cent.

Growing expectations for a last-minute deal between Greece and its European creditors also helped boost shares.
Greece's creditors have said the country has until tomorrow to request an extension to the 240 billion euro bailout that has kept Greece afloat since 2010 and whose main component expires February 28.

"Greece is likely to submit an extension request for up to six months on the 'loan agreement'. The question is what scope a 'loan agreement' would take?" IG market strategist Stan Shamu said in a commentary.
Athens says it is preparing a request to extend its loan agreement, but not the austerity budget measures that accompanied the bailout.

Elsewhere in the region, Australia's S&P ASX/200 lost 0.3 per cent to 5,897.00. New Zealand's shares also fell.
The US stock market eased back yesterday from its latest l-time highs, with the Dow Jones industrial average slipping 17.73 points, or 0.1 per cent, to 18,029.85. The S&P 500 lost 0.7 point, or 0.03 per cent, to 2,099.68.
Oil prices fell amid speculation that a recent rally in crude was excessive.
The price of benchmark US crude, which rose last week, fell USD 1.49 to USD 50.65 in electronic trading on the New York Mercantile Exchange. It fell USD 1.39 to USD 52.14 a barrel yesterday.

Brent crude, a benchmark for international oils used by many US refineries, fell 98 cents to USD 59.55.
The US dollar fell to 118.69 against the Japanese yen, from 118.78 yesterday. The dollar edged up against the euro, to USD 1.1413 from USD 1.1399.