Asia-Pacific markets were mixed on Wednesday.
In Japan, the Nikkei 225 index fell 347.29 points, or 0.9%, to 38,490.17.
Real wages in Japan fell for a 25th straight month in April, potentially stifling the Bank of Japan’s plans to raise interest rates and realize its “virtuous cycle” of increasing wages and prices.
Government data showed that real wages fell 0.7%, a softer fall from the 2.1% loss in March. Nominal wages came in at 296,884 yen ($1,913.28 U.S.), growing 2.1% year on year.
This accelerated from March’s nominal wage growth of 1%, posting its highest pace of growth in 10 months.
In Hong Kong, the Hang Seng index slid 19.15 points, or 0.1%, to 18,424.96.
Elsewhere, first-quarter gross domestic product from Australia came in at 1.1% year over year, slightly below Reuters poll estimates of 1.2%.
CHINA
In Shanghai, the CSI 300 dipped 20.88 points, or 0.6%, to 3,594.79.
China’s services activity grew at the fastest pace in 10 months in May, according to a private survey.
The Caixin S&P Global services purchasing managers’ index rose to 54 from 52.5 in April, growing at the quickest pace since July 2023.
A PMI reading above the 50-mark separates expansion from contraction.
The survey also showed that incoming new work increased at the fastest pace since May 2023.
In other markets
In Korea, the Kospi index recovered 27.4 points, or 1%, to 2,689.50.
In Singapore, the Straits Times Index dropped 8.93 points, or 0.3%, to 3,350.01.
In Taiwan, the Taiex index recovered 128.26 points, or 0.6%, to 21,484.88.
In New Zealand, the NZX 50 jumped 116.17 points, or 1%, to 11,996.71.
In Australia, the ASX 200 regained 31.95 points, or 0.4%, to 7,769.
