Asia-Pacific markets traded mixed on Wednesday, with Japan's Nikkei 225 advancing sharply after the yen weakened to its lowest level against the U.S. dollar in four decades, while South Korea's Kospi edged lower. Hong Kong and Shanghai markets were closed for a holiday.
Japan's Nikkei 225 climbed 2.54%, while South Korea's Kospi slipped 0.30%. Australia's ASX 200 declined 0.39%.
The Japanese yen fell to 162.28 against the dollar, extending losses from the previous session and marking its weakest level in 40 years. The move kept traders on watch for any signs that Japanese authorities could step into the currency market to curb further declines.
Investors also monitored developments in the Middle East after U.S. officials reported progress in discussions aimed at advancing negotiations with Iran. U.S. negotiators Jared Kushner and Steve Witkoff held constructive meetings with regional leaders in Qatar, while technical discussions with Iran continued, BLoomberg News reported quoting a senior US official.
The diplomatic effort follows an interim agreement signed earlier this month that established a 60-day window for negotiations. However, the process has encountered fresh challenges after recent confrontations around the Strait of Hormuz, the report added.
Meanwhile, oil prices recovered some ground after sharp losses in the previous session. Brent crude rose about 0.7% to around $73.50 a barrel in early Asian trade as investors reassessed expectations that the U.S.-Iran ceasefire would remain intact. Gold traded little changed near $4,010 an ounce, while U.S. Treasury prices declined during the previous session.
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