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Asian shares rise on optimism about China following central bank move
TOKYO (AP) ' Asian shares rose on some optimism about the regional economy Monday after a move by China's central bank over the weekend to encourage lending and curtail a slowdown.
Japan's Nikkei 225 index gained 0.8 percent within the first hour of trading to 9,028.65 and South Korea's Kospi added nearly 0.2 percent at 1,920.22.
The People's Bank of China announced that the bank reserve ratio requirement is being reduced a half percentage point as of next Friday. The move brings the rate down to 20 percent for most major banks and effectively frees up billions of dollars for lending.
But the regional market remains nervous about political uncertainty in crisis-struck Greece.
Wall Street ended last week with a decline after JPMorgan said it lost $2 billion on poorly-thought-out trades. The Dow Jones industrial average fell 0.3 percent Friday to 12,820.60.
In currencies, the euro dipped slightly at $1.2890 while the dollar was little changed at 80.08 Japanese yen.