Asian markets advanced sharply on Thursday alongside Hong Kong and Sydney and Singapore setting new intraday highs as financial and energy stocks soar.

The Nikkei 225 Average jumped 1.8 percent to 16,729.60 while the broader Topix index gained 2 percent to 1,606.80 in after noon trading.

Following last weeks bold half percentage-point interest rate cut by the U.S Fed, expectations are high for another cut soon. The anticipation lifted Japanese financial sector stocks, including Sumitomo Mitsui Financial Group by 4.1 percent to 7.33 yen, and Misuho by 3.8 percent to 11 yen per.

Exporters also saw gains on the Yen's weakness with Honda Motor rising 2.1 percent and Sony gaining 3 percent.

Australia's S&P/ASX 200 also rose, jumping .7 percent to 6,525.90 after reaching a new intraday high 6.550.70.

The Hang Seng Index also rose 2.5 percent to 27,092.72.

Elsewhere in the region, New Zealand's NZX 50 index was unchanged at 4,276.10, Taiwan's Weighted index climbed 1 percent at 9,350.04 and China's Shanghai Composite added 0.6 percent to 5,368.79.

South Korea's Kospi rose 1 percent to 1,937.81, as trading resumed for the first time this week after an extended holiday weekend.

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