Japan, Korea stocks soar on Hormuz reopening hopes

Tokyo's Nikkei hit a record 66,934 while Korea's Kospi jumped 3.7 percent to 8,788 as markets priced in restored Gulf oil flows through the Strait of Hormuz. The energy-import-dependent economies stand to benefit most from normalized crude costs and reduced supply uncertainty, with Japan's index gaining nearly 20 percent over three months. Reports that Iran is drafting a coordination protocol with Oman for tanker traffic management sent Korean stocks up 2.75 percent in the first hour after previous sessions saw 7 percent plunges. The rallies underscore how geopolitical risk premiums have been embedded in Asian equity valuations, with both markets now testing whether peace dividend expectations can sustain at record levels.