The dollar edged higher against its major peers on Wednesday, reaching a more than one-week top versus the yen, buoyed by higher Treasury yields as traders puzzled over the outlook for policy at the world's biggest central banks.

Japan's government will make raising wages a top priority in its economic policy next year, Deputy Chief Cabinet Secretary Seiji Kihara said on Wednesday.

Oil prices climbed on Wednesday as markets were optimistic about fuel demand recovery as China continues to ease its COVID-19 restrictions.

Chinese hospitals were under intense pressure on Wednesday as a surge of COVID-19 infections strained resources in the last major country to move towards treating the virus as endemic.

Asian equities were subdued on Wednesday, while the dollar held firm, with investors looking for direction after China took further steps towards reopening its COVID-battered economy.

 Market watchers and senior business executives say China and partner economies’ efforts to improve connectivity on the Belt and Road Initiative (BRI) and national development programmes will add new growth momentum to bilateral and multilateral cooperation.