Japanese companies’ stocks hit a 15-year high after the news of a possible agreement between Greece and its creditors. The main aim of the agreement is to avoid the Greek default.
German Chancellor Angela Merkel and French President Francois Hollande suppose that Athens’ new program contributed to the progress during this round of negotiations. However, a new proposal is not under discussion. The main issue is that Athens wants creditors to unfreeze 7.2 billion euros in bailout money.
The Japanese index Nikkei 225 touched the highest level of 20,677.58 points since April 2000. The index rose by 1%.
The US dollar stability and its high exchange rate against the yen, 123.38 yens for a US dollar, have a positive influence on the country’s exports.
However, the dynamic of the Chinese index Shanghai Composite is completely opposite. After holidays, the index dropped by 1.4% to the level of 4,416.12 points. It hit its lowest reading since 2008. It lost 6% on Friday’s trading session.
The Bank of Japan expects a decline in the manufacturing sector for April-June due to weak demand in Asia. In the fourth quarter, manufacturing production climbed by 1.5% compared to the previous period proving growth in the world’s third economy.
