Asian markets stronger

Asia-Pacific markets largely rose Thursday, highlighted by Japan’s Topix hitting an all-time high of 2,886.50, surpassing its December 1989 record. The Topix increased by 0.37%, while the Nikkei 225 climbed 0.2%, nearing its peak of 40,888.43. SoftBank Group shares surged 2.5%, marking a seven-day record streak. Japanese firms implemented the largest wage hikes in three decades, with average monthly pay for union workers rising 5.1% this fiscal year, driven by Rengo’s survey. Larger firms increased wages by 5.19%, smaller firms by 4.45%. This wage growth is expected to foster a “virtuous cycle” of rising prices and wages, enabling the Bank of Japan to adjust interest rates.

Taiwan’s Weighted Index reached a new high, powered by chip stocks, with Foxconn up 5% and TSMC gaining 2.66%. In contrast, Hong Kong’s PMI fell to 48.2 in June, its fastest contraction in over two years. The Hang Seng index rose 0.23%, while Mainland China’s CSI 300 remained flat.