Japanese shares rallied after the U.S. said it will postpone a planned tariff hike on Chinese goods for three months during a highly-anticipated meeting between Donald Trump and Xi Jinping.
The benchmark Topix index was set for its biggest advance in almost a month, with electronics makers contributing most to early gains. President Donald Trump agreed to push back the timing of a tariff hike in return for greater purchases of American goods. The hike would’ve raised tariffs on $200 billion of Chinese goods to 25 percent from 10 percent. S&P 500 futures climbed more than 1 percent.
Topix +1.0% to 1,683.31 as of 9:24 a.m. in Tokyo. Nikkei 225 +1% at 22,564.24. Yen -0.1% to 113.69 per dollar.