Asian shares rallied and U.S. futures jumped Monday, with Japan’s benchmark Nikkei 225 topping 50,000 for the first time.

Work on trade deals that might alleviate friction between the U.S., China and other major trading partners contributed to upbeat sentiment after U.S. President Donald Trump visited Malaysia for a summit of Southeast Asian nations where he reached preliminary trade agreements with Malaysia, Thailand, Cambodia and Vietnam.

A trade deal between the United States and China was drawing closer, officials from the world’s two largest economies said Sunday as they reached an initial consensus for Trump and Chinese leader Xi Jinping to try to finalize during a high-stakes meeting later in the week.

Trump was heading next to Japan before ending his Asian tour in South Korea where he is expected to meet with Xi on the sidelines of a Pacific Rim summit, the Asia-Pacific Economic Cooperation (known as APEC) forum.

A report by the APEC secretariat released Monday forecast that annual growth in the region circling the Pacific will slow to 3% this year from 3.6% last year, partly due to trade restrictions and higher tariffs.

In Japan, opinion polls showed newly installed Prime Minister Sanae Takaichi enjoying high levels of public support for her market-friendly policies. The Nikkei 225 gained 2.1% to 50,329.08, hitting record intraday highs.

Takaichi is Japan's first female prime minister. She favors raising defense spending and that has boosted prices of stocks in major defense contractors, such as Kawasaki Heavy Industries, which gained 8.7%. IHI Corp. jumped 2.6% and Hitachi gained 2.7%.

Trump has long complained American cars were shut out Japanese markets, one of various reasons he cited for imposing tariffs of 25%, then lowered to 15%, on American's most vital ally in Asia.

So Japan’s government has floated the idea of buying a fleet of Ford F-150 trucks to use to inspect roads and infrastructure.