Japan stocks approach all-time high on US trade deal, Ishiba speculation

JGB yields at 17-year high and volatility hits the yen as Trump OKs 15% levy

Since the U.S. introduced "reciprocal" tariffs in early April, Japan has been trying to negotiate a deal, but the talks became snagged over a separate 25% levy on cars. (Photo by Nanami Sato)

JADA NAGUMO

July 23, 2025 11:26 JST

Updated on July 23, 2025 17:20 JST

TOKYO -- Japanese stocks soared and government bonds plunged on Wednesday as a trade deal between Tokyo and Washington brought relief to investors. Speculation over the likelihood that Prime Minister Shigeru Ishiba will resign also temporarily pushed the yen lower, while propelling stocks higher.