Tokyo stocks rebounded sharply Thursday morning, with the Nikkei index soaring over 8 percent, as investors were relieved by U.S. President Donald Trump’s decision to pause some tariffs imposed on trading partners including Japan.
The 225-issue Nikkei Stock Average rose 2,639.14 points, or 8.32 percent, from Wednesday to 34,353.17. The broader Topix index was up 177.01 points, or 7.53 percent, at 2,526.34.
A financial data monitor in Tokyo shows the Nikkei Stock Average (C) rising sharply during morning trading on April 10, 2025. (Kyodo)
The U.S. dollar remained relatively firm in the upper 146 yen range after advancing sharply in New York amid easing fears over a U.S. economic slump, although the Japanese currency was bought in Tokyo on a rise in long-term interest rates, dealers said.
At noon, the dollar fetched 146.75-76 yen compared with 147.70-80 yen in New York and 145.53-54 yen in Tokyo at 5 p.m. Wednesday.
The euro was quoted at $1.0970-0974 and 160.98-161.05 yen against $1.0945-0955 and 161.67-77 yen in New York and $1.1014-1016 and 160.29-33 yen in Tokyo late Wednesday afternoon.
Stocks climbed across the board following a historic surge on Wall Street overnight, as concern over U.S. tariffs eased after Trump decided to give a 90-day reprieve to some countries with steep additional tariffs taking effect the previous day.
Rebounding from the previous day’s steep losses, the Nikkei index briefly soared over 2,800 points, lifted by heavyweight technology issues that tracked jumps in their U.S. counterparts on the Nasdaq index.
“The market’s pickup reflects investor relief,” said Asuka Sakamoto, senior economist at Mizuho Research & Technologies Ltd.
“What would be important is details of upcoming negotiations (between the United States and other countries) and how tariff rates could be reduced as a result,” she said.
Export-oriented auto issues also attracted buying on a weaker yen, which boosts exporters’ overseas profits when repatriated.
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AloJapan.com