Japanese markets rebounded after it emerged it is likely to be first in line for talks aimed at rolling back new US tariffs.
According to a Bloomberg report, US Treasury Secretary Scott Bessent said Japan would be prioritised in the upcoming negotiations, which follow the introduction of a 25% tariff on Japanese car imports and a 24% reciprocal duty on other goods.
Japanese Prime Minister Shigeru Ishiba has criticised the measures, warning they could seriously harm the country’s auto industry. Economic Revitalization Minister Ryosei Akazawa has been appointed to lead Japan’s delegation in the discussions.
The tariffs appear to conflict with a previous trade agreement reached under Trump’s first term, which had allowed Japan to avoid further duties on its auto exports.
Japanese markets rallied on hopes of a resolution, with the Topix gaining 6.3% and the Nikkei 225 rebounding from bear market territory.