The Nikkei Index may rise as hopes for an agreement between the U.S. and Iran are rekindled.

The Japanese stock market is likely to rise as hopes rekindle for a potential agreement between the U.S. and Iran to reopen the Strait of Hormuz. The Nikkei index futures on the Singapore Exchange rose by 2.6% to 65,615 points. The U.S. dollar is trading at 157.80 yen against the Japanese yen, compared to 157.69 yen at the close of the Tokyo stock market on Tuesday. Earnings reports have become a focus of attention. Investors are also closely monitoring developments in the Middle East, after U.S. Treasury Secretary Scott Bethencourt indicated on Tuesday that the U.S. might reach an agreement with Iran to reopen the Strait of Hormuz today or tomorrow. The Nikkei index rose by 0.3% on Tuesday to 63,957.53 points.