Asia-Pacific markets mostly rise after Wall Street rallies on expectations of softer Trump tariffs

The Bank of Japan will continue to raise interest rates if the country’s economy and inflation continues to develop “in line with its outlook”, minutes from the central bank showed.

In its minutes, one of the BOJ’s board members pointed out that real interest rates were expected to remain significantly negative after the policy interest rate hike, and the Bank should to continue to raise rates so that the negative real interest rates would shrink.

Other members also noted concerns over inflation, saying that risks to prices had become more skewed to the upside.

The BOJ’s forecast in January showed that the bank is expecting core inflation to come in at 2.4%, while GDP growth is expected to be at 1.1%.

— Lim Hui Jie

Japan’s Topix index opened higher on Tuesday, and briefly hit 2,818.36 — its highest level in eight months.

As at 9.35 a.m. local time, the broad-based index had gained 0.78%.

Gains were led by inkjet printer manufacturer Mimaki Engineering which advanced 9.11%, beverage firm Yomeishu Seizo which rose 5.67% and electrical equipment manufacturer Fujikura which was up 4.97%.

— Amala Balakrishner

Shares in South Korea’s Hyundai Motor rose 5.16% in early trade Tuesday, after it invested $21 billion in the United States on Monday state side.

The amount invested includes a new $5.8 billion plant for Hyundai Steel in the state of Louisiana, which will create over 1,400 jobs and produce over 2.7 million metric tons of steel annually.

The plant is also expected to supply steel to auto plants in Alabama and Georgia.

Shares in Hyundai Steel was up 1.19% as at 9.19 a.m. local time.

— Amala Balakrishner

President Trump said the U.S. will impose 25% tariffs on countries that buy oil and gas from Venezuela, as he seeks to increase pressure on President Nicolas Maduro and China.

Countries that buy oil and gas from Venezuela will face tariffs on any trade they have with the U.S., Trump said in a post on his social media platform Truth Social. The tariffs take effect April 2, the president said.

Venezuela exported about 660,000 barrels per day in 2024, according to data from Kpler. China was the largest destination for the South American nation’s crude exports, purchasing 270,000 barrels per day last year.

“This announcement by the Trump administration appears to be one more action targeting China,” Matt Smith, an oil analyst at Kpler, told CNBC.

Brent crude futures rose 61 cents, or 0.85%, to $72.77 a barrel by 1:15 p.m. ET. U.S. West Texas Intermediate crude was up 59 cents, or 0.86%, at $68.87.

— Spencer Kimball