The Nikkei 225 Index jumped 1.85% to 49,559, while the broader Topix Index rallied 1.96% to 3,356 on Wednesday, reversing the prior session’s losses and tracking gains on Wall Street as traders increased bets on a US Federal Reserve rate cut next month. Expectations for a cut strengthened after the latest US data pointed to softening consumer spending, while reports suggested that a dovish candidate is being considered for the next Fed chair. Technology stocks led the advance, with Advantest, Fujikura, SoftBank Group and Disco Corp rising between 2% and 5.7%. Meanwhile, Kioxia Holdings tumbled nearly 15% after reports that a Bain Capital-backed firm sold $2.1 billion worth of shares in the memory chipmaker at a discount. Elsewhere, investors continued to evaluate the outlook for Bank of Japan policy amid speculation that the central bank is considering to raise interest rates next month.