Asian shares have rallied, with Tokyo's benchmark Nikkei 225 index up more than 3% after Japan and the U.S. announced a deal on President Donald Trump's tariffs.

Shares of Japanese and South Korean automakers surged on Wednesday after U.S. President Donald Trump announced a trade deal with Tokyo that sources said would include reducing a tariff on Japanese auto imports to 15%,

U.S. President Donald Trump said on Tuesday that Japan will form a joint venture to develop a liquefied natural gas project in Alaska though a Japanese government official said he was not aware of such plans.

Tokyo stocks surged Wednesday after Japan and the United States finally hammered out a trade deal to slash Donald Trump's tariffs, including those on the crucial car sector. "Japan will invest, at my direction,

Japanese Finance Minister Katsunobu Kato said the bilateral trade deal with the United States did not include reference to foreign exchange rates, Kyodo news agency reported on Wednesday.

Stocks are set to rise in Tokyo after Donald Trump announced a trade deal with Japan imposing 15% tariffs on exports from the country, down from the 25% he had previously threatened.

President Trump says Tokyo will face 15% reciprocal tariffs instead of the 25% he had threatened while the nation invests $550 billion into the U.S.

Trading volume in Japan’s power futures is set to climb as companies prepare for expiration of a key agreement between the nation’s largest utilities, a change expected to jolt the market.

Kansai Electric Power will begin surveys for the construction of a new nuclear power reactor at its Mihama power station in Fukui prefecture, western Japan, to replace the existing facility, the company said on Tuesday.

Japanese Prime Minister Shigeru Ishiba will announce his resignation by the end of next month, Japanese media reported on Wednesday, following a bruising election defeat that cost his administration its upper house majority.