Japan’s Nikkei 225 has climbed to a record high, bucking a downbeat trend across Asia-Pacific markets as U.S. President Donald Trump extended a ceasefire with Iran. The index reached 59,691 on Wednesday, lifted by better-than-expected export data, even as investors fretted over the Middle East conflict’s uncertain path.
Trump announced the extension via Truth Social, explaining that Iran’s fractured leadership prompted requests from Pakistan’s Field Marshal Asim Munir and Prime Minister Shehbaz Sharif to pause U.S. strikes.
“Based on the fact that the Government of Iran is seriously fractured, not unexpectedly so and, upon the request of Field Marshal Asim Munir, and Prime Minister Shehbaz Sharif, of Pakistan, we have been asked to hold our Attack on the Country of Iran until such time as their leaders and representatives can come up with a unified proposal,” he posted. The hold will continue until Tehran submits a plan or talks conclude, while the U.S. maintains its port blockade.
Tehran poured cold water on prospects, with negotiators labelling U.S. talks a “waste of time” and staying away, according to state media. This has postponed Vice President JD Vance’s trip to peace negotiations, U.S. officials told Axios and The New York Times.
Oil prices retreated from intraday peaks, with West Texas Intermediate at $89.42 per barrel, down 0.28%, and Brent at $98.19, off 0.29%. Bloomberg attributes the softening to hopes of de-escalation offsetting earlier supply fears.
Japan’s upbeat March trade figures showed exports rising 11.7% for a seventh month, yielding a 667 billion yen surplus that topped forecasts. Traders now look to the Bank of Japan’s two-day policy meeting for signals on rates and the yen. The Topix lagged with a 0.60% drop.
Regional peers struggled: South Korea’s Kospi fell 1.02%, Kosdaq 1.57%, amid surging producer prices tied to oil. China’s CSI300 slipped 0.11%, Hong Kong’s Hang Seng 1.08%, and Australia’s S&P/ASX 200 0.98%, pressured by China property woes per Reuters.
U.S. futures gained ground, with S&P 500 and Nasdaq 100 up 0.4%, and Dow futures adding 190 points. Tuesday’s session ended lower: S&P 500 at 7,064.01 (down 0.63%), Nasdaq at 24,259.96 (off 0.59%), and Dow at 49,149.38 (minus 0.59%).