Tokyo: Japan’s benchmark Nikkei 225 skyrocketed in early Thursday trading, climbing more than 2,000 points as investor sentiment surged following U.S. President Donald Trump’s decision to scale back most of his proposed tariffs.

Within the first 15 minutes of the session, the Nikkei was up 7.4%, trading at 34,052.58 — a dramatic rebound that mirrored Wall Street’s powerful rally overnight. The S&P 500 posted one of its strongest performances in history, jumping 9.5%.

The global market upswing comes on the heels of steep losses triggered earlier by the initial tariff announcements, signaling renewed optimism among investors.

Trump on Wednesday announced a 90-day pause on the most onerous new tariffs on imports to the United States for every country except China.