Market Updates
Japan Extends Weekly Rally to 3% After US Court Struck Down Global Tariffs
Akira Ito
29 May, 2025
Tokyo
Japan's indexes extended this week's rally after a U.S. federal court blocked global tariffs imposed by the U.S. president.
The Nikkei 225 Stock Average gained nearly 2%, and the broader Topix advanced 1.5% after a three-judge panel deemed Donald Trump's efforts "unlawful to all."
The U.S. Court of International Trade struck down unilaterally imposed global tariffs, citing that the president overstepped his authority and tariffs fail to perform the stated objective of limiting drug trafficking into the U.S.
The White House said it plans to appeal the federal court's decision, as judges ordered the administration to stop collecting tariffs and blocked levies permanently.
The court's decision powered a broad rally in markets in Japan, China, and Australia, in the hopes that the tariffs could be suspended for the foreseeable future.
Japan Indexes and Stocks
The Nikkei 225 Stock Average soared 1.8% to 38,376.73, and the broader Topix index advanced 1.5% to 2,812.0.
The Japanese yen eased sharply to 146.15 as the dollar rebounded and the yield on 10-year Japanese government bonds held near 1.52%.
In active trading, tech stocks led gainers in Tokyo.
Tokyo Electron Ltd. inched up 3.2% to ¥23,895.0, Advantest Corp. gained 4.3% to ¥7,570.0, and Lasertec increased 1.4% to ¥15,210.0.
Toyota Motor jumped 4% to ¥2,738.50, Honda Motor advanced 4.6% to ¥1,495.50, and Nissan Motor increased 6% to ¥381.30.
Seven & I Holdings Co. Ltd. inched up 0.5% to ¥2,191.0, Fast Retailing Co. Ltd. increased 2.6% to ¥48,540.0, and Isetan Mitsukoshi Holdings added 0.7% to ¥2,218.0.
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