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Japanese Stocks Rise on US Rally, Iran Deal Hopes

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Japanese equities opened higher on Wednesday, tracking record closes on Wall Street, fueled by growing expectations of a US-Iran accord that could stabilize global oil markets.

The benchmark Nikkei 225 started the session at 64,565.27, up 607.7 points or 1%.

At home, Japan's labor market data showed wages continuing to rise steadily, with June's nominal pay growth reaching 3.4% year over year, raising prospects for further monetary tightening by the Bank of Japan.

Overseas, oil slid for the third day amid diplomatic efforts to unblock the Strait of Hormuz, fueling expectations that pent-up Gulf crude will be released.

Doha mediators said a preliminary deal framework is in place, with U.S. and Iranian officials reporting Tuesday that talks to reopen the key channel are progressing, according to various media reports.

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