HONG KONG - Asian markets posted healthy gains on Wednesday as dealers followed a strong lead from Wall Street after Japan's easing of monetary policy led to hopes of a similar move in the United States.

Expectations that the US Federal Reserve will introduce its own measures sent the dollar back towards the 15-year lows against the yen while it also slipped further against the euro.

Tokyo jumped 1.81 percent, or 172.67 points, to 9,691.43 and Sydney gained 1.73 percent, or 79.9 points, to close at 4,686.8.

Hong Kong ended 1.07 percent, or 241.27 points, higher at 22,880.41 and Seoul closed 1.33 percent, or 25.01 points, up at 1,903.95.

Chinese markets are closed for a public holiday.

The Bank of Japan on Tuesday cut interest rates to between zero and 0.1 percent, from 0.1 percent, and announced the creation of a 60-billion-dollar fund to buy government bonds and securities to help support the ailing economy.

The Fed, which has kept its own rates at zero to 0.25 percent, has said it is ready to announce fresh measures to kickstart the recovery in the world's biggest economy.

Possible "quantitative easing in the US will be the big event for equities globally," City Index head of dealing Michael McCarthy said.

"If Friday's US jobs data are weak, I think the market will be relying on the (Federal Reserve chief Ben) Bernanke put option (further quantitative easing) and, if it shows strength, investors could also buy the market, so it's a win-win scenario."

Dealers are nervously keeping an eye on the release of jobs data out of the United States Friday, which will give a clue as to the state of the economy there.

On Wall Street the Dow soared 1.80 percent, with sentiment also buoyed by better than expected output data from the service sector. The broader S&P 500 jumped 2.09 percent and the tech-rich Nasdaq rallied 2.36 percent.

Despite the BoJ's move - and amid talk of possible Fed action - the yen remained high against the greenback, sitting at 83.18 to the dollar, from 83.21 in New York late Tuesday. The dollar briefly dipped below 83 yen in New York.

The dollar was also at eight-month lows against the euro. The European single unit bought 1.3840 dollars in Tokyo morning trade, slightly up from 1.3834 dollars in New York, near its highest level since February.

The euro edged down to 115.10 yen from 115.16. The weak dollar was also a catalyst for gold to end at a record high 1,349.50 US dollars an ounce in Hong Kong.

Christopher Gore, sales trader at GOMarkets in Melbourne said: "It's the general lack of faith in fiat currencies and a general cautious disposition that acts as a supporting factor for gold.

"The premise of further economic stimulus suggesting the Fed will need to water down the US currency and print more cash only exacerbates gold's march higher," he said, according to Dow Jones Newswires.

Analysts tipped markets to remain choppy through the weak as dealers look to Friday's jobs figures as well as earnings reports from PepsiCo and Alcoa that unofficially kick off the third-quarter earnings season.

On oil markets New York's main contract, light sweet crude for delivery in November was up six cents at 82.88 dollars a barrel in the afternoon and Brent North Sea crude for November added two cents to 84.86 dollars.

In other markets:

- Singapore closed up 0.89 percent, or 27.71 points, at 3,190.07. Fraser and Neave fell 1.40 percent to 6.35 Singapore dollars while Sembcorp Marine gained 5.10 percent to 4.33.

- Taipei climbed 1.02 percent, or 83.60 points, to 8,284.03. UMC added 1.46 percent to 13.0 Taiwan dollars while TSMC was 1.15 percent higher at 61.8.

- Jakarta rose 0.33 percent, or 11.71 points, to 3,603.40. Oil and gas producer Medco Energi International jumped 4.5 percent to 3,475 rupiah and Bank Danamon rose 3.3 percent to 6,200 rupiah.

- Kuala Lumpur closed up 0.50 percent, or 7.40 points, at 1,479.59. Property group SP Setia added 4.30 percent to 4.80 ringgit, glove-maker Top Glove rose 0.50 percent to 5.69 and builder Gamuda lost 1.0 percent to 3.83.

- Manila rose 0.60 percent, or 24.86 points, to end at 4,196.73. Metro Pacific Investments gained 4.8 percent to 4.11 pesos, Energy Development added 1.1 percent to 6.24 and Megaworld was 2.5 percent up at 2.42.

- Wellington ended 0.52 percent, or 16.72 points, higher at 3,253.04. Telecom New Zealand added 1.0 percent to 2.05 New Zealand dollars and Air New Zealand was steady at 1.29.

- Bangkok rose 1.00 percent, or 9.72 points, to 979.00 BANPU gained 20.00 baht to 742.00, while PTT added 5.00 baht to 302.00.