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On Wednesday, Japan’s Nikkei 225 index surged to an all-time high following President Donald Trump’s decision to prolong the U.S. ceasefire with Iran. This development came despite a general downturn in other Asia-Pacific markets, which were weighed down by ongoing apprehensions over the potential protraction of conflicts in the Middle East.
Trump announced the decision through a post on Truth Social, stating, “Due to the fractured state of the Iranian Government, which was not unexpected, and at the request of Field Marshal Asim Munir and Prime Minister Shehbaz Sharif of Pakistan, we have agreed to postpone our attack on Iran. This delay will allow Iranian leaders and representatives time to formulate a unified proposal.”
He further clarified that the ceasefire would remain in place until Iran presents a proposal or the talks reach a conclusion. Meanwhile, the U.S. military would maintain its blockade of Iranian ports.
However, the exact timeline for these developments remains ambiguous. Iranian negotiators have reportedly declared their reluctance to engage in talks with the U.S., dismissing them as a “waste of time,” according to Iranian state media on Wednesday.
He added that the ceasefire would be extended until Tehran submitted a proposal or discussions were concluded, and that the U.S. military would continue its blockade of Iranian ports.
However, the timeline remains uncertain. Negotiators from Tehran said they wouldn’t attend the talks with the U.S., calling them a “waste of time,” Iranian state media reported on Wednesday.
The uncertainty also delayed Vice President JD Vance’s trip to join peace talks, according to reports from Axios and The New York Times, citing U.S. officials with knowledge of the situation.
Oil futures gave up earlier gains. West Texas Intermediate futures were 0.28% lower at $89.42 per barrel as of 9:20 p.m. ET. Brent crude declined 0.29% to $98.19 per barrel.
Japan’s Nikkei 225 rose to a new record of 59691 following the release of its latest trade data. The country’s exports rose for a seventh straight month, posting a trade surplus of 667 billion yen ($4.18 billion) in March, compared with a surplus of 1.1 trillion yen forecast, data from Reuters showed. The focus will also be on the Bank of Japan’s policy meeting next week. The Topix, however, lost 0.60%.
South Korea’s Kospi lost 1.02% amid some profit-taking after reaching a record high on Tuesday. The small-cap Kosdaq extended early losses, dropping 1.57%. Producer prices in March grew at their fastest pace in over three years, supported by higher oil prices amid the conflict in the Middle East, central bank data showed.
Mainland China’s CSI300 index inched 0.11% lower, while Hong Kong’s Hang Seng index declined 1.08%.
Australia’s S&P/ASX 200 was 0.98% lower.
