Overview

• Tokyo’s Topix index closed at a record 2,993.21 while the Nikkei 225 advanced 1.9% to 41,820.48 after officials said the U.S. would correct a tariff fee error.
• Japan’s main trade envoy confirmed U.S. tariffs on Japanese exports exceeded the agreed 15% level and will be adjusted to the proper rate.
• Successive gains over three sessions have reinforced market expectations that the Bank of Japan will deliver its first rate hike by year-end.
• Government data showed Japan’s real wages fell for a sixth consecutive month in June as inflation continued to outpace pay increases.
• Investors are also pricing in potential U.S. Federal Reserve interest rate cuts as early as September to support global markets.