Live news: Japanese equities lead gains in Asia on hopes for US debt ceiling progress

G7 summit: The gathering of world leaders will open in Hiroshima today. The summit will seek to affirm the rule of law in the international order, Japanese prime minister Fumio Kishida said. As well as leaders from Canada, France, Germany, Italy, Japan, the UK and the US, those from Australia, South Korea and India will also travel to the city.

Japan inflation: April consumer price index inflation rate figures are due today. National core CPI is forecast to have increased to 3.4 per cent, up from 3.1 per cent in March.

Markets: Futures in Japan pointed higher but those in Hong Kong fell. Wall Street stocks rose on Thursday after policymakers in Washington said that a bill to raise the US debt ceiling may be put to a vote next week. The S&P 500 index and the Nasdaq Composite hit their highest levels since August 2022, up 0.9 per cent and 1.5 per cent, respectively.