AKIPRESS.COM - Japanese stocks climbed to their highest level in nearly 15 years on Thursday 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, reports AP.

The Nikkei 225 stock index gained 0.5 percent 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 percent on a 17 percent year-on-year jump in exports in January. Shipping line Mitsui O.S.K. rose 0.9 percent; electronics and entertainment giant Sony Corp. gained 2.7 percent and machinery maker Fanuc Corp. rose 0.7 percent.

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 Friday to request an extension to the 240 billion euro bailout that has kept Greece afloat since 2010 and whose main component expires Feb. 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 percent to 5,897.00. New Zealand's shares also fell. The U.S. stock market eased back Wednesday from its latest all-time highs, with the Dow Jones industrial average slipping 17.73 points, or 0.1 percent, to 18,029.85. The S&P 500 lost 0.7 point, or 0.03 percent, to 2,099.68.

Oil prices fell amid speculation that a recent rally in crude was excessive. The price of benchmark U.S. crude, which rose last week, fell $1.49 to $50.65 in electronic trading on the New York Mercantile Exchange. It fell $1.39 to $52.14 a barrel Wednesday.

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