(Updates with closing levels)

By Brigid Riley

TOKYO, May 7 (Reuters) - Japan's Nikkei share average

jumped more than 1% on Tuesday, as investor sentiment brightened

on higher bets of U.S. interest rate cuts this year while

technology shares continued to dazzle.

The Nikkei rose 1.57% to 38,835.10, its highest

closing level since April 15.

The broader Topix finished up 0.65% at 2,746.22.

U.S. stocks injected fresh momentum as markets priced in a

higher chance of the Federal Reserve cutting interest rates this

year. A U.S. jobs report on Friday showing growth slowed more

than expected in April further fuelled buying.

Japanese shares broadly climbed on the positive news, with

152 of the Nikkei's 225 constituents trading in green.

Local technology shares advanced as investors returning from

a long weekend caught up to buoyant Wall Street after U.S. tech

giant Apple posted upbeat revenue results. The session's gains

significantly added to the Nikkei's near 600-point climb.

Japan's financial markets were closed on Friday and Monday

for a public holiday.

After fears had grown that no cuts would be made in 2024,

the Nikkei was experiencing a bit of a "relief rally", said Naka

Matsuzawa, chief macro strategist at Nomura Securities.

Some bumps may still be in store, however, as market

participants and central bank officials look to upcoming data to

confirm the Fed rate-cut story, he added.

In individual stocks, chip-making equipment giant Tokyo

Electron ( TOELF ) soared 5.2% to add 179.47 index points alone,

while chip-related firm Disco Corp ( DISPF ) jumped nearly 9% to

become the best percentage performer of the day.

AI-focused startup investor SoftBank Group gained

3.7%. Chip-testing equipment maker Advantest ( ADTTF ) was up

2.3%.

Outside of tech, Nikkei heavyweight and Uniqlo parent firm

Fast Retailing ( FRCOF ) rose 3.2% to contribute an additional

126.51 points to the index.

Sony Group Corp ( SONY ) and pharmaceutical company Daiichi

Sankyo ( DSKYF ) stumbled, declining 2.9% and 3.2%, respectively.

(Reporting by Brigid Riley; Editing by Sherry Jacob-Phillips

and Mrigank Dhaniwala)