On Wednesday, a rise in Asian stocks was reported as Japanese exporters got a boost from new hopes that the country will employ measures to lower the value of Yen while on the other hand, a deal appeared which seems in the reach of Greece and the creditors to reduce the huge debt of the country.
While benchmark oil increased in value and approached $99 a barrel mark, the dollar rose against the yen but remained flat against euro.
Amongst the shares that rose included Nikkei 225 index of Japan that increased by 0.8 percent, to settle at a value of 8,990.58, after it briefly increased to 9,012.18. Moreover, Kospi of South Korea increased by 0.9 percent, as it settled at a value of 1,999.80. Moreover, Hang Seng of Hong Kong also increased by 0.6 percent, to settle at a value of 20,822.06, while S&P / ASX 200 of Australia also increased by 0.4 percent, to settle at a value of 4,290.70.
On the other hand, benchmark indexes in Indonesia, Taiwan, Singapore, India, New Zealand and mainland China also increased.
One of the major driving factors of stock value and oil prices is the Greek nation, which has been surviving on rescue loans from international funding bodies for the last two years. However, the money given by the international funding agencies including the International Monetary Fund, European Union and others was not sufficient to help it survive and the nation now requires another loan to avoid declaring bankruptcy. International lenders have now made a decision to not give Greece any more loans till it applies stringent austerity measures and programs. The nation however will default on its bond repayments which are due in March if it doesn’t get the required money from these funding agencies.
