FLASH: Japan stocks jump more than 5% on initial response to US-Iran ceasefire announcement

Japan's equity market surged in early trading as a broad risk-on move swept global markets. The Nikkei rallied more than 5% after Donald Trump said the U.S. and Iran would observe a two-week ceasefire, tied to the reopening of the Strait of Hormuz. The strait, a chokepoint for roughly 20% of global oil and gas flows, could soon resume normal traffic. Oil prices fell, while stocks and crypto assets advanced.