Asian markets today: Kospi, Nikkei 225 extend rally after US-Iran peace deal; BOJ policy in focus

Asian markets extended a rally after reports of a US-Iran peace agreement aimed at ending Middle East conflict and reopening the Strait of Hormuz, with South Korea's Kospi jumping 2.01% and Japan's Nikkei 225 edging up 0.18%. The deal eased inflation concerns as crude oil prices declined, helping Wall Street post record highs — the Dow closed at 51,671.03 (up 0.92%) and the Nasdaq surged 3.07%, its strongest single-day gain since March 31. Investors are now focused on the Bank of Japan's expected rate hike to a 31-year high, while the Reserve Bank of Australia is likely to keep rates unchanged.