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Markets in Asia surge with Nikkei rising by more than 2%

Indices in Asia all rose on Tuesday’s opening bell as they were positively affected by the rally in the European and U.S. markets. Japanese benchmark Nikkei 225 index advanced as high as 2.03 percent closing at 426.97 points in early trade. Steel manufacturer Kobe Steel added 1.35 percent to its value after the firm’s chief executive officer, Hiroya Kawasaki, announced he might step down in light of the 2017’s data falsification scandal.

Across the Korean Strait, the Kospi index rose more than 1.16 percent, with steel producers and chipmakers being the leading advancers. The Australian benchmark ASX 200 index jumped about 1.29 percent, following good performances from most of its sub-indexes. The energy sector was one of the leading advancers of the day.

Dollar outperforms yen after news that Trump will implement proposed tariffs

The U.S. dollar grew stronger vs. the Japanese yen on Tuesday after President Donald Trump tweeted that his proposed tariffs on aluminum and steel imports would be implemented. The greenback edged up about 0.1 percent against its Japanese counterpart closing at 106.30 yen.

The greenback was able to rebound from its weakest level in sixteen months of 105.24 recorded last Friday. The dollar tumbled in face of concerns regarding a possible trade war due to Trump’s tariffs initiative.

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