Tokyo shares surge as Asia awaits Fed

JAPAN - Japanese shares jumped nearly three percent Tuesday, while most other Asian stock markets paused to pocket profits, as investors looked forward to an expected cut in U.S. interest rates.

The dollar trod water, awaiting the outcome of U.S. congressional elections and the Federal Reserve's meeting later Tuesday. The Fed is widely expected to cut its key interest rate by at least a quarter of a percentage point, Reuters reported.

European stocks were set to retrace some of Monday's rally.

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