Japan stocks rebound 8% after Japan's historic losses; other Asia markets also open higher

The Reserve Bank of Australia will release its RBA cash rate later today, with economists expecting the rate to remain steady at 4.35%.

Japan stocks rebounded on Tuesday, following an over 12% drop in the Nikkei 225 and the Topix in the previous session. The broader Asia-Pacific market was also set to recover, futures data showed.and the broad-based Topix climbed over 7% on open. On Monday, the Nikkei saw its largest loss since Black Monday in 1987.

South Korea's Kospi jumped almost 3% while the small cap Kosdaq was up 3.75%. The rebound comes after South Korean markets were halted temporarily on Monday after circuit breakers activated. Japan June household spending numbers showed a larger-than-expected fall year over year, dropping 1.4% in real terms. The average monthly income per household was up 3.1% in real terms from the previous year. The larger than expected fall could restrain the BOJ's plans to raise rates.The Reserve Bank of Australia will release its RBA cash rate later today, with economists expecting the rate to remain steady at 4.35%.

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