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12 hours ago
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Source: AFP
Tokyo stocks rallied with the yen Wednesday aft Japan and the United States yet hammered retired a commercialized woody to slash Donald Trump's tariffs, including those connected the important car sector.
Investors were besides cheered by quality that Washington had reached agreements with Indonesia and the Philippines, stoking optimism that different countries volition execute deals to debar the worst of the US president's levies.
Despite a deficiency of deals being made starring up to Trump's self-imposed August 1 cut-off date, equity markets person been connected the march successful caller weeks connected optimism that governments volition yet get implicit the line.
Japan had been 1 of those yet to sign, contempt a drawstring of trips to Washington by commercialized envoy Ryosei Akazawa, dampening capitalist sentiment successful Tokyo.
But Trump said Tuesday that officials had agreed to a "massive" woody that would see a 15 percent tariff connected imports from Japan, down from the antecedently threatened 25 percent.
The pact besides saw the 25 percent levy connected autos -- a large export to the United States -- slashed to 15 percent.
"We conscionable completed a monolithic Deal with Japan, possibly the largest Deal ever made," Trump announced connected his Truth Social platform.
"Japan volition invest, astatine my direction, $550 Billion Dollars into the United States, which volition person 90% of the Profits."
He did not supply further details connected the concern plan, but claimed the woody "will make Hundreds of Thousands of Jobs."
Japanese Prime Minister Shigeru Ishiba said that helium needed to analyse the woody earlier commenting.
Akazawa wrote connected X: "Mission accomplished."
Traders poured backmost into the market, pushing the Nikkei up much than 2 percent acknowledgment to soaring automakers.
Tokyo and Mitsubishi rocketed astir 12 percent and Nissan jumped much than 9 percent.
The yen strengthened to 146.20 per dollar -- compared with adjacent to 148 Tuesday. The portion had already enjoyed a caller tick-up aft Ishiba vowed to stay successful bureau contempt a devastating play predetermination loss.
Trump besides hailed an statement with Manila that volition spot the toll connected Philippine goods lowered by 1 percent constituent to 19 percent, portion tariffs connected Indonesia were slashed from 32 percent to 19 percent.
Shares successful Manila and Jakarta rose.
The announcements boosted hopes that different deals could beryllium successful the pipeline earlier adjacent Friday's deadline, though talks with the European Union and South Korea stay elusive for now.
Still, US Treasury Secretary Scott Bessent said helium would conscionable his Chinese counterparts successful Stockholm adjacent week for talks, arsenic a abstracted mid-August deadline approaches for US levies connected Beijing to drawback backmost to steeper levels.
Elsewhere successful Asia, Hong Kong built connected its 2025 surge to deed its highest level since precocious 2021, portion Shanghai, Sydney, Singapore and Taipei were besides good up. Seoul was level and Wellington dipped.
The advances came aft a broadly affirmative time connected Wall Street wherever the S&P 500 deed different highest but the Nasdaq snapped a six-day streak of records.
Eyes are besides connected the merchandise of net from Google genitor Alphabet and different tech giants including Tesla and Intel.
Key figures astatine astir 0200 GMT
Tokyo - Nikkei 225: UP 2.7 percent astatine 40,868.01
Hong Kong - Hang Seng Index: UP 0.6 percent astatine 25,287.68
Shanghai - Composite: UP 0.5 percent astatine 3,599.20
Dollar/yen: DOWN astatine 146.50 yen from 146.66 yen Tuesday
Euro/dollar: DOWN astatine $1.1740 from $1.1755
Pound/dollar: DOWN astatine $1.3525 from $1.3532
Euro/pound: DOWN astatine 86.80 pence from 86.84 pence
West Texas Intermediate: UP 0.3 percent astatine $65.52 per barrel
Brent North Sea Crude: UP 0.3 percent astatine $68.79 per barrel
New York - Dow: UP 0.4 percent astatine 44,502.44 (close)
London - FTSE 100: UP 0.1 percent astatine 9,023.81 (close)
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Source: AFP
