TOSHIKO AKIYOSHI JAZZ ORCHESTRA ``Wishing Peace'' (Ascent ASC 1006) - Featuring Lew Tabackin and Frank Wess, Akiyoshi's latest album consists mostly of new compositions. ``Unrequited Love'' is a haunting ballad by Tabackin and features his brilliant flute playing; Side 2 is ``Liberty Suite,'' by Akiyoshi, a three-part work that is nothing short of superb. Exceptional solos by everyone, especially Tabackin, Wess, and trumpeter Brian Lynch. (Ascent, 38 W. 94th St., New York, NY 10025.) KRAFTWERK ``Electric Caf'e'' (Warner 25525-1) - The originators of computer rock are back with more high-tech electro-pop weirdness. This new one is a bit less melodic than their older albums, and some of it comes very close to being ``computer rap.'' ARETHA FRANKLIN ``Aretha'' (Arista AL-8442) - More from the boss lady of soul. This one contains the hit singles ``Jimmy Lee'' and ``Jumpin' Jack Flash'' - a terrific remake of the Stones's hit, produced by Keith Richards, who also plays guitar on it. Low-key, funky grooves, and unobtrusive backgrounds let Aretha stay front and center - which is right where she belongs. THE POLICE ``Every Breath You Take: The Singles'' (A&M SP-3902, also avaliable on CD, cassette, and VHS and Beta video) - These reissues of the best of the Police, including an updated version of ``Don't Stand So Close to Me'' that surpasses the original, are a fine documentation of one of the most original and progressive bands of the late '70s and '80s. Includes ``Walking on the Moon,'' ``Roxanne,'' ``Message in a Bottle,'' and others you'd expect from the creators of reggae-rock. FREDDIE JACKSON ``Just Like the First Time'' (Capitol ST-12495) - Jackson, smooth practitioner of soul, offers more cozy, romantic ballads with a little funk here and there on this second album. The songs, including his hit single ``Tasty Love,'' follow the same groove as his first album, ``Rock Me Tonight'' - predictable but pleasant listening. Jackson is slight of voice but big on style. REAL LIFE ``Down Comes the Hammer'' (MCA-5834) - Already a hit at home, in England, and in Germany, this Australian band hopes to capture American rock audiences with this third album (the first two were ``Heartland'' and ``Flame''). ``Hammer'' is a polished, highly produced project, thick with layers of synthesized harmonies - sometimes a bit overdone and heavy-handed, but played and sung with vibrant energy. WANG CHUNG ``Mosaic'' (Geffen GHS 24115) - ``Wang Chung'' are Jack Hues and Nick Feldman, and they're enjoying wild success with this album and its hit single, ``Everybody Have Fun Tonight,'' and a spastic performance video with Sting-clone Hues looking more rattled than Peter Gabriel in ``Sledgehammer.''