The unexpected US-Japan trade deal announced Wednesday may end up being a tipping point for the fortunes of many sectors in the stock market — with losers turning into winners, and vice versa.

After months of fraught negotiations with the United States, Japan clinched a deal just days before punitive tariffs were scheduled to take effect.

Expectations of where inflation will be in the coming years, already declining, have taken a further dive as a result of the trade agreement between the U.S. and Japan.