Stocks closed higher in Japan on Tuesday following an agreement between the U.S. and China to temporarily lower tariffs they have imposed on each other’s exports, easing investor concerns about an escalating trade war.
The benchmark Nikkei Stock Average at one point rose more than 800 points, or 2%, and touched its highest intraday level in over a month before closing up 1.4% at 38,183.26. The gains were led by banks, marine shipping and pharmaceuticals. Some exporters, including automakers like Toyota Motor, also jumped. The broader Tokyo Stock Price Index also advanced 1%, while futures on the Osaka exchange were up more than 2% during the morning.