Japanese car stocks surged due to rumors of tariff reductions, with Toyota soaring by 11%.

Japanese Prime Minister Shigeru Ishiba has stated that US auto tariffs have been reduced from the current 25% to 15%, causing stock prices of Japanese car companies to collectively soar. Honda's stock price jumped over 8%, Toyota's stock surged nearly 12%, Nissan's stock rose over 8%, Mazda's stock skyrocketed over 17%, and Mitsubishi's stock price surpassed 13%. South Korea's Hyundai's stock price also rose over 6% due to this news, while Kia's stock slightly increased by 0.2%. According to NHK reports, the original 25% tariff was first reduced to 12.5%, and then combined with a 2.5% "most favored nation" basic tariff, resulting in a total tax rate of 15%. US President Trump had announced on March 26th that a 25% tariff would be imposed on all imported cars, which went into effect on April 2nd.