"While more substantial cuts through year-end are possible should data deteriorate, our baseline remains for a 25 bps rate cut in September, with easing at this pace also likely to occur in November and December," said David Doyle, head of economics at Macquarie.

Japanese equities may become more volatile after the Tokyo Stock Exchange extends its trading hours in November, with the risk that investors might be scared off as it comes on the heels of last month’s market crash.

Tokyo's Nikkei led Asian markets higher Thursday as the yen hit a two-week high after the Federal Reserve announced a bumper interest rate cut and pledged a series of further