In Tokyo, Japan, the Nikkei stock average surged on Thursday as concerns over the economic impact of U.S. tariffs eased following President Donald Trump's announcement of a 90-day suspension of tariffs for many countries. By 0023 GMT, the Nikkei had risen by 8.8% to reach 34,492.05.

The broader Topix index also saw a substantial increase, climbing by 7.9% to 2,534.89.

President Trump's decision to temporarily reduce the tariffs he had recently imposed on numerous countries and increase pressure on China led to a sharp turnaround. This move resulted in a significant surge in U.S. stocks, which in turn had a positive impact on the Nikkei.

The Nikkei's upward momentum mirrored the gains seen on Wall Street, where the S&P 500 registered its largest daily increase since 2008, soaring by 9.5%.

Fast Retailing, the owner of the Uniqlo brand, saw an 8% increase, while Toyota Motor's stock rose by 9.4%. Shares of chip-related companies also experienced a surge, with Tokyo Electron and Advantest recording gains of 12% and 15%, respectively.

The positive market movement follows the announcement, with investors responding favorably to the news.