Top Japanese companies offered their largest pay increases in a quarter century on Wednesday as the outcome of annual labour talks showed them heeding, at least for now, Prime Minister Fumio Kishida's calls for higher wages to counter inflation.

Chinese refineries processed 3.3 per cent more crude oil in the first two months of 2023 compared with a year earlier, data showed on Wednesday, spurred by fuel export policy and as independent refiners processed more in response to improving margins.

Chinese industrial production rose slightly less than expected in February as manufacturing activity logged a somewhat staggered recovery despite the lifting of anti-COVID measures earlier this year.

China's central bank ramped up liquidity injections when rolling over maturing medium-term policy loans for a fourth month in a row on Wednesday, while keeping the interest rate unchanged, matching market expectations.

U.S. small-business confidence improved further in February, but many owners continued to experience difficulties finding workers, according to a survey on Tuesday.

Asian equities rose sharply on Wednesday, tracking a relief rally on Wall Street and as U.S. inflation data delivered no nasty surprises, reinforcing hopes the Federal Reserve will likely go for a smaller rate hike when it meets next week.