Asian markets opened higher this morning, supported by the Dow Jones index closing at a record high yesterday as easing tensions between the United States and Iran pushed oil prices and US Treasury yields lower. South Korea's Kospi index opened up 1.5 percent at 6,351.38 points, and Japan's Nikkei index opened up 0.4 percent at 63,995.28 points, led by electronics stocks. Meanwhile, 25 US states jointly filed a lawsuit against President Donald Trump's administration, arguing that Trump exceeded his legal authority by imposing broad new tariffs on imports from 60 trading partners. The lawsuit challenges the 10 percent or 12.5 percent tariff on most imports from the affected countries and economic zones, with the plaintiff states noting that these countries and zones together account for 99.4 percent of all US imports. President Trump posted on Truth Social confirming that the US is negotiating with Iran, despite Iran's denial, and stated that the US Navy is in full control of the Strait of Hormuz. A spokesperson for Iran's Foreign Ministry said that talks between Iran and Oman are focused on reaching an agreement to establish temporary shipping lanes to ensure the safety of maritime transport through the Strait of Hormuz, converting the southern and northern routes into a single central lane temporarily until a permanent route is established. In currency markets, the yen strengthened against the euro and the dollar for a third consecutive day, prompting investors to watch for possible intervention by Japanese and US authorities to curb the yen's rise, after they intervened just last week to support the yen when it slumped to a 40-year low. As of 10:01 PM Thai time, the yen was up 0.63 percent at 156.57 per dollar and up 0.68 percent at 180.39 per euro. On the economic data front, S&P Global reported that the US manufacturing purchasing managers' index stood at 53.9 in July, unchanged from June, while the Institute for Supply Management said its manufacturing PMI rose to 55.6 in July, the highest level since May 2022, from 53.3 in June, and above analysts' forecast of 54.0.