Japan’s Topix share index closed within a whisker of a record high and government bonds slumped after a long-awaited trade deal with the US spurred an explosive day for Tokyo’s financial markets.

Late last month, Wolfspeed filed for Chapter 11 bankruptcy. It will continue to operate as it restructures its debt and transforms operations. When it emerges from bankruptcy, Wolfspeed expects to have reduced its debt by 70% and its interest payments by 60%, giving the company some breathing room.

World markets are mixed after U.S. stock indexes hit new records. Oil prices fell and U.S. futures were little changed.

Electric vehicle (EV) maker Tesla (TSLA) is shifting gears in Japan, a market where EV penetration is still relatively low. The Elon Musk-led automaker plans to double its retail presence in the country by the end of 2026,

With the powerful Japanese car industry being a particular focus of the deal, Toyota Motor ( TM 13.64%) was a major beneficiary of that sentiment. The storied automaker 's stock popped by nearly 14% over the course of that day, easily beating the 0.8% bump of the S&P 500 index.

Asia-Pacific markets traded mixed on Tuesday, despite overnight gains on the S&P 500 and Nasdaq, driven by optimism over strong corporate earnings. Investor caution intensified ahead of the August 1st U.

The downside risk to the USD/JPY exchange rate has become greater since Japan's election and traders should short the cross with a target of 142. That's according to a new note by a team of forex strategists at Nomura led by Yusuke Miyairi.

An emerging U.S.-Japanese trade deal could unlock major investment, avert a potential shock to the global economy and may deliver political wins for both U.S. President Donald Trump and Japanese Prime Minister Shigeru Ishiba,