On Thursday, Japan’s stock index pulled back from its recent record high as inventors assessed China’s trade data which exceeded expectations. 

Nikkei 225 reached a new record high before closing 1.2% lower at 39,598.71. The broader Topix also went down by 0.4%, closing at 2,718.54 after hitting a record high earlier in the trading session. 

Japan’s Biggest industrial labor group revealed that 25 of its member unions have gotten their wage demands in full from management. They have agreed to increase the wages of full-time workers by 6.7% during the annual wage talks that end next week.

The pay hike was the biggest since the UA Zensen —an umbrella group that represents over 2000 unions, established in 2012 — added to the momentum of the ongoing negotiations. 

Moreover, reports revealed that there’s an increasing momentum pushing the Bank of Japan to stop using negative interest rates as early as this month. Despite the weak signs in the economy recently, BOJ regulators have stated their intention to move forward with their plan to dial back stimulus – including Governor Kazuo Ueda, who presented an upbeat take on Japan’s economic outlook last week.

Meanwhile, today on the Asian stock market, Taiwan’s weighted index went up by over 1%, and Australia’s S&P/ASX 200 soared by 0.39%, reaching a new high of 7,763.7. These bullish movements show the cautious market sentiment amid global economic dynamics.

China CSI 300, on the other hand, dropped by 0.6% closing at 3,529.72 while the Hang Seng index declined by 1.27%, closing at 16,229.78.