Japan's economy likely shrank slightly less than initially estimated in July-September, reflecting an expected upward revision in private sector capital investment, a Reuters poll showed on Tuesday.

Sentiment at big Japanese manufacturers surged, improving for a second straight month as the auto sector continued to recover from last year's semiconductor shortage and supply chain woes, a monthly Reuters Tankan survey found.

U.S. Treasury Secretary Janet Yellen said on Tuesday that economists who predicted that high U.S. unemployment would be needed to tame inflation are "eating their words" as the economy experiences little weakness in the labor market and consumer demand with prices moderating.

U.S. job openings dropped in October, pointing to a possible easing in labor demand that could bolster the case for the Federal Reserve to start backing away from a long-standing campaign of interest rate hikes.

Asia-Pacific equities gained on Wednesday as bets firmed for a peak in interest rates among major central banks globally, as bond yields continued to decline.

Oil prices fell in Wednesday Asian morning trading as markets continue to doubt the impact of OPEC+ cuts and take cues from a worsening demand outlook in China.