White House advisor Peter Navarro said the “phase one” trade deal between the U.S. and China is “in the bank.” Navarro, a longtime China trade hawk, refrained from commenting on rumors that the deal could be signed by U.S. and Chinese officials as early as next week, saying he would rather defer to U.S. Trade Representative Robert Lighthizer on specific timing. ...

Japanese stocks witnessed a significant increase as investors speculated the closure of phase one trade deal between U.S. and China. Reports state that The White House agreed to do away with tariffs on Chinese exports, which is likely to come into effect soon. Amidst trade optimism, Japanese Yen and Australian dollar traded high.