The price increments at which thousands of stocks and ETFs are quoted look set for an overhaul Wednesday, when the US Securities and Exchange Commission votes on final rules to reduce them to less than 1 cent.

Wall Street's top regulator on Wednesday unanimously voted to allow stock exchanges to price many shares in increments of half a penny, rather than the current minimum size of 1 cent, aiming to promote more competitive pricing and reduce investor costs on the $55 trillion U.

The proposals being considered by the Securities and Exchange Commission are tamer versions of the ambitious revamp of stock trading that Chair Gary Gensler proposed two years ago.

Investors saw Tokyo's Nikkei 225 index surge 2.1% to land at 37,155.33, thanks to shares of top export manufacturers. Shares of Toyota Motor Corp leapt by 5.1%, Sony Group Corp boosted its value by 2.

The Dow closed at a record high on Friday. Investors see more gains ahead as the Fed kicks off a new cycle of easing interest rates.