China A-share storage-chip sector stayed active in the afternoon; Xiangnong Xinchuang rose over 15%, while Shengmei Shanghai, Puran, Montage Technology, Demingli, Unigroup Guowei and GigaDevice also advanced.

Japan's Fair Trade Commission will investigate pass-through of petroleum product prices.

Fu Fan, chairman and executive director of China Pacific Insurance (Group) Co., Ltd., said Shanghai and Hong Kong should coordinate to establish a complementary reinsurance model of an offshore hub plus an onshore center. Shanghai will leverage its large domestic direct-insurance market and Lingang institutional innovations to accelerate an onshore reinsurance center; Hong Kong will serve as the offshore hub with a mature reinsurance ecosystem, international-aligned rules and cross-border service experience. He said integrating the two markets is a key step from one-way opening to two-way opening for China’s reinsurance sector, helping build independent risk-pricing capacity and strengthening the risk-resilience of Chinese firms’ global expansion.