Japan’s Nikkei 225 jumped to hit a record high, crossing above 51,000 for the first time Wednesday, lifted by renewed optimism over U.S.-Japan trade ties and expectations of another Federal Reserve rate cut.
The Nikkei 225 Index recovered 1,088.47 points, or 2.2%, to 50,307.65.
The gains came after U.S. President Donald Trump and Japan’s Prime Minister Sanae Takaichi signed a new rare earths framework on Tuesday. Markets also grew more confident that the Fed would deliver a second straight 25-basis-point cut to support slowing growth.
Trump’s visit marked his first meeting with Takaichi, who assumed office earlier this month. He also met Emperor Naruhito at the Imperial Palace.
Takaichi’s premiership will shift the long-ruling Liberal Democratic Party toward more economically liberal, socially conservative, and hawkish security policies, FitchSolutions company GeoQuant wrote in a note.
Australia’s consumer prices rose 3.2% in the third quarter, the strongest gain in more than a year, the Australian Bureau of Statistics said Wednesday. The increase exceeded the 2.1% rise seen in the second quarter and was above the 3% forecast by economists polled by Reuters.
Markets in Hong Kong were closed for holiday.
In other markets
The CSI 300 in Shanghai regained 55.87 points, or 1.2%, to 4,748.84
In Korea, the Kospi rebounded 70.74 points, or 1.8%, to 4,081.15
In Singapore, the Straits Times Index dropped 10.15 points, or 0.2%, to 4,440.21
In Taiwan, the Taiex popped 345.63 points, or 1.2%, to 28,294.74.
In Australia, the ASX 200 faltered 86.35 points, or 0.1%, to 8,926.16.
In New Zealand, the NZX 50 edged upward 6.55 points, or 0.1%, to 13,409.21.
