Japan's Topix hits all-time high amid broader rise in Asia-Pacific markets

Investors will assess data due Thursday including Hong Kong business activity and Australian trade numbers.

Japanese companies have delivered the largest wage hikes in three decades this year, according to the nation's largest union. Workers pay is forecast to rise by 5.1%, according to labor union Rengo.delivered the largest wage hikes in three decadesMonthly pay for union-backed workers will climb 5.1% on average this fiscal year ending March 2025, according to a survey of companies conducted since March by union group Rengo.

Big firms with 300 or more union-backed employees raised wages by 5.19%, while smaller firms increased pay by 4.45%. Higher wage growth will help the country realize a"virtuous cycle" of rising prices and wages, allowing the Bank of Japan to raise interest rates and normalize its monetary policy.Overnight in the U.S., the S&P 500 added 0.51% to close at a record 5,537.02. The Nasdaq Composite rose 0.88%, also ending at an all-time high of 18,188.

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