Japanese markets rally, Nikkei jumps 1.85%

Japanese markets rallied amid expectations of more Fed rate cuts. The Nikkei average jumped 1.85 percent to 49,559.07 while the broader Topix index closed up 1.96 percent at 3,355.50.

The yen edged up following reports the Bank of Japan was preparing markets for a possible interest rate hike as soon as next month.

SoftBank Group shares surged 5.7 percent after the technology investor said Ampere has become its wholly owned subsidiary.

Chip-testing equipment maker Advantest gained 2 percent and Uniqlo brand owner Fast Retailing added 1.8 percent.

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