TOKYO (Reuters) - Asian stocks bounced off 1-1/2-year lows and U.S. stock futures pointed higher on Tuesday, as markets caught their breath after recent heavy selling on hopes that Washington might be willing to negotiate some of its aggressive tariffs.

U.S. Treasury yields continued their ascent from six-month lows, gold hovered close to a 2-1/2-week low and crude oil recovered from a nearly four-year low, as traders began shifting back to riskier assets from traditional safe havens.

A 5.6% rebound in Japan's Nikkei far outpaced other regional markets, with Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer tasked with leading trade negotiations with Tokyo.

U.S. business leaders have also begun speaking out about the damage to the economy and financial markets that could be wrought by President Donald Trump's global trade war, with JPMorgan Chase CEO Jamie Dimon warning on Monday of inflation and a U.S. slowdown.

However, Trump dug in his heels over China, vowing additional 50% levies if Beijing does not withdraw retaliatory tariffs on the United States. Beijing said on Tuesday it will never accept the "blackmail nature" of U.S. tariff threats.

Even so, Hong Kong's Hang Seng climbed 1.7% in early trading. Mainland Chinese blue chips added 0.6%.

The Chinese yuan weakened to 7.36 per dollar in the offshore market, the weakest in two months.

"Importantly, a little ray of sunshine is starting to emerge that gives hope that the U.S. is genuinely open to trade negotiations, ... the most significant being Japan with Treasury Secretary Bessent," said Tapas Strickland, head of market economics at National Australia Bank.

Strickland, however, noted volatility remains extremely elevated, with the "rare event" of the VIX index spiking as high as 60 overnight.

South Korea's KOSPI added 1.3% and Australia's equity benchmark gained 1%.

Taiwan's equity benchmark though sank 3%, following its worst day ever on Monday, when it tumbled 10%. The major semiconductor producer faces a 32% duty from Washington.

Pan-European STOXX 50 futures rallied 2.2%.

U.S. S&P 500 futures rose 0.9%, after the cash index ended a wild session with a 0.2% loss on Monday.

Wall Street swung between heavy losses and gains throughout the session as investors were whiplashed by tariff headlines. A media report claiming Trump was considering a 90-day pause in duties for all countries except China briefly turned U.S. stocks positive early in the session, but it was quashed by the White House as "fake news."

"The signs are there that if the market hears what it wants to hear then risky assets could explode higher," said Chris Weston, head of research at Pepperstone.

"However, the net effect of the news on the day was hardly positive, and the headlines that the market really wanted to believe to be true proved to be false," he said.

"I'd argue what played out was more in fitting with a bear market rally and one that traders should look to fade, rather than believing we've reached a key inflection point for a sustained trend higher."

The 10-year Treasury yield rose as much as 6 basis points (bps) to 4.216% on Tuesday, after jumping some 17 bps on Monday as it bounced from six-month lows.

That helped wrench Japanese government bond yields off their own multi-month lows, with the 10-year yield up 12.5 bps to 1.235%.

The U.S. dollar edged lower against a basket of six major peers, but that followed a two-day 1.2% advance from a six-month trough.

The dollar eased 0.06% to 147.70 yen.

The euro jumped 0.4% to $1.0944, and sterling climbed 0.3% to $1.2762.

The European Commission said on Monday it had offered a "zero-for-zero" tariff deal to avert a trade war with the United States as EU ministers agreed to prioritise negotiations, while also striking back with 25% tariffs on some U.S. imports.

The risk-sensitive Australian dollar added 0.2% to $0.6001.

Gold was steady at around $2,985 per ounce, but well back from last Thursday's record peak at $3,167.57, reached in the immediate aftermath of Trump's "Liberation Day" tariff announcement.

Crude oil strongly rebounded after it fell to nearly four-year lows on Monday.

Brent futures were up 1.26% at $65.02 per barrel, while U.S. West Texas Intermediate crude futures rose 1.52% to $61.61.