US-Iran MoU Signed, Nikkei Breaks 71,000 as Oil Slides

The formal signing of the US-Iran memorandum of understanding dominated the Asia-Pacific session. President Trump signed the 14-point document at the Palace of Versailles, with the image transmitted to Tehran and mediating countries. Iranian President Pezeshkian signed separately. Oil prices edged modestly lower, markets having largely priced the outcome. Gold recovered some ground after Wednesday's hawkish Fed-driven selloff.

New Zealand's first-quarter GDP beat on the annual measure at 1.5% against a 1.1% consensus, though the quarterly print of 0.8% fell short of the RBNZ's 1.0% forecast. The NZD crept higher, driven more by broad dollar softness across the majors than the data itself.

Japan's chief cabinet secretary Kihara ran through the standard FX watchfulness script, acknowledging the household burden of yen weakness without offering anything that moved the market. USD/JPY held around 160.50. The Japan's Kihara flags weak yen household burden but offers no fresh intervention signal article covered a similar posture.

The session's standout move was in Japanese equities. The Nikkei 225 broke above 71,000 for the first time on record, with the broader Topix reaching 4,069. The Versailles signing and a softer dollar provided the constructive backdrop. The Fed Dot Plot Resets Rate Path; Growth Stocks Take the Hit piece from Wednesday explained the rate reset that preceded gold's dip and recovery.