The US-China trade breakthrough dominated headlines throughout the day, with both nations agreeing to slash mutual tariffs by 11.5 percentage points during a 90-day cooling-off period. This substantial development follows days of bilateral tariff tensions that had impacted global markets. The US will lower cumulative tariffs from 145% to 30%, while China will reduce from 125% to 10%.

Reports indicated Trump plans direct phone talks with President Xi, suggesting further diplomatic engagement. Markets responded positively, with Hong Kong stocks jumping 3%.

In domestic news, Japan recorded its largest-ever current account surplus at 30 trillion yen for the previous fiscal year. Corporate restructuring continued as Sharp announced selling its Kameyama No. 2 LCD factory to parent Foxconn due to declining profitability, while Nissan revealed plans to cut an additional 10,000 jobs domestically and internationally.

Prime Minister Ishiba announced pension reform legislation will be submitted by mid-May.