Japan stocks lead gains in Asia after upbeat consumer spending data, U.S. rate cut hopes lift sentiment

Japan led gains in Asia-Pacific markets on Friday after stronger-than-expected consumer spending data, and as renewed rate cut hopes by the U.S. Federal Reserve bolster market sentiment.Japan's overall household spending in March fell 1.2% year on year, less than the 2.4% expected by a Reuters poll of economists. However, on a month-on-month basis, household spending rose 1.2%, compared with estimates of a 0.3% drop.

Japan's statistics bureau said that average monthly consumption expenditures was 318,713 yen up 1.9% in nominal terms. "We expect a renewed fall in U.S. inflation in the coming months," UBS' Solita Marcelli wrote on Thursday."Investors are expecting April's Consumer Price Index to show that the trend toward slowing inflation—which was interrupted in the first quarter of the year—is resuming."

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