Asia-Pacific markets were mixed on Tuesday as investors await regional private surveys for factory activity.
The Nikkei 225 index lost 58.84 points, or 0.2%, to 27,437,19, with Japan’s PMI index coming in lower at 47.4. down from 48.9 in January.
Consumption led companies like Asahi Group stand to gain should wages rise in Japan.
The food and drinks company has decided to increase the salaries of two subsidiaries — Asahi Beer and Asahi Soft Drinks by 5%.
Real wages fell by 3.8% in November in Japan compared to the same time in 2021, making it the highest decline in more than eight years, Reuters reported.
In Hong Kong, the Hang Seng index collapsed 357.47 points, or 1.7%, to 20,529.49.
South Korea’s trade deficit narrowed to $6 billion in the first 20 days of February, customs data showed on Tuesday.
The nation’s seasonally adjusted exports to China fell 22.7%, slightly improving from a decline of 24.4% seen in January. Chips exports fell 43.9%, a further decline of January’s fall of 34.1% on an annualized basis.
Australia fell as investors digest the nation’s Judo Bank composite purchasing managers’ index, which climbed to 49.2, below the 50-mark that separates growth and contraction.
The PMI index encompasses services and manufacturing, and is seen as a reliable gauge of economic health.
The Reserve Bank of Australia released minutes from its February policy meeting, which reiterated comments from governor Philip Lowe that more interest rate hikes will be needed.
In other markets
The Shanghai CSI 300 squeezed ahead 10.86 points, or 0.3%, to 4,144.35.
In Korea, the Kospi inched up 3.84 points, or 0.2%, to 2,458.96.
In Singapore, the Straits Times dipped 1.89 points, or 0.1%, to 3,306.86.
In Taiwan, the Taiex regained 11.77 points, or 0.1%, to 15,563.
In New Zealand, the NZX 50 staggered 94.56 points, or 0.8%, to 11,801.49.
In Australia, the ASX 200 slid 15.22 points, or 0.2%, to 7,336.30.