Nikkei Tops 71,000 as Asia Weighs US‑Iran 60‑Day Deal

Asian markets were mostly steady on Thursday after the United States and Iran released the text of a 60-day interim agreement extending an April ceasefire to give negotiators time to seek a lasting truce. Political risk over enforcement remained, even as Japan’s Nikkei rose past 71,000 for the first time on strength in semiconductor and artificial intelligence stocks.

Brent crude fell 1.4% to $78.41 a barrel and US crude slipped 1.25% to $75.83 as traders priced in a lower chance of prolonged disruption through the Strait of Hormuz. Lower oil prices provided relief for energy-importing economies and helped limit deeper losses across some regional equities.

Equity moves were uneven across the region. South Korea’s Kospi climbed 0.9% on chip-led buying. MSCI’s index of Asia-Pacific shares excluding Japan was little changed. US S&P 500 futures were up about 0.8% following a sharp sell-off on Wall Street the prior session.

Fixed income markets reflected continued sensitivity to global rate expectations. Japan’s 10-year government bond yield rose two basis points to 2.62%, near its highest close since mid-June. The US 10-year Treasury yield held around 4.47% while the two-year yield was about 4.18%.

Wall Street’s earlier slide followed remarks from Federal Reserve Chair Kevin Warsh stressing the need to control inflation. New Fed projections showed nine of 18 policymakers expect a rate increase later in the year, and major US indices posted declines in the previous session.

President Donald Trump warned attacks could resume if Tehran fails to meet its commitments, a reminder that the agreement’s durability depends on enforcement and follow-through.

Currency and commodity moves were mixed. The dollar was near 160.65 yen after touching its strongest level since July 2024. Spot gold traded around $4,309 an ounce. The Bank of England was expected to hold rates at its policy meeting, putting emphasis on the tone of policymakers rather than a change in the headline decision.

Traders and portfolio managers said they would watch enforcement of the Iran agreement, oil flows through key chokepoints such as the Strait of Hormuz, and guidance from major central banks before taking larger positions.