Japan stocks lead gains in Asia markets as renewed rate cut hopes lift sentiment

Japan led gains in Asia-Pacific markets on Friday after stronger-than-expected, year-on-year consumer spending data, and as renewed rate cut hopes by the U.S. Federal Reserve bolster market sentiment.

However, UBS anticipates upcoming inflation data will start to trend lower, starting with the April's Consumer Price Index that's set for release next week. The firm cited recent data indicating moderating housing costs, and lower consumer spending going forward. "Our view is that inflation will start heading back to the Fed's 2% target in the coming months," Marcelli said.John Waldron, president and Chief Operating Officer of Goldman Sachs, speaks during the Goldman Sachs Investor Day at Goldman Sachs Headquarters in New York City, U.S.

"We're still subscribers to, generally speaking, a soft landing scenario," Waldron told CNBC on Thursday.

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