Asia-Pacific markets rise as Japan and Taiwan markets hit all-time highs

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4 Temmuz 2024 07:49
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The Topix jumped 0.37 percent, while the Nikkei 225 rose 0.2 percent. The Nikkei is less than 200 points from its all-time high of 40,888.43.

SoftBank Group shares hit another record high, extending their winning streak to a seventh day, up 2.5 percent.

According to the nation’s biggest labour union, Japanese companies have delivered the largest wage hikes in three decades this year.

Monthly pay for union-backed workers will climb 5.1 percent 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 percent, while smaller firms increased pay by 4.45 percent.

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.

The Taiwan Weighted Index reached a fresh high, surpassing its previous record of 23,406.1 on June 20. 

S&P Global reported that Hong Kong’s composite purchasing managers’ index fell to 48.2 in June, down from 49.2 in the previous month. Hong Kong’s Hang Seng index rose 0.23 percent. Mainland China’s CSI 300 was flat.
 

Albania News Agency

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