(Updates prices at 0520 GMT)

By Rae Wee

SINGAPORE, April 29 (Reuters) - The yen jumped sharply

against its peers on Monday after it slid past 160 per dollar

earlier in the session, leading to speculation that Tokyo could

have intervened in the currency market while the country was out

for a holiday.

The Japanese currency strengthened about 2% from

the initial 159 per dollar level in a matter of a few minutes

during Asia hours, as some traders said selling of dollars was

seen onshore.

The rapid move came just a few hours after the yen tumbled

to the weaker side of 160 per dollar for the first time in

34-years.

"The move has all the hallmarks of an actual BOJ

intervention and what better time to do it than on a Japanese

public holiday which means lower liquidity in USD/JPY and more

bang for the BOJ's buck," said Tony Sycamore, a market analyst

at IG.

The yen was last 1.7% firmer at 155.73 per dollar, having

hit an intra-day high of 155.01 against the dollar.

It also surged more than 1% against other major currencies

such as the euro, sterling and the Australian dollar.

In the broader market, Asian stocks got off to a positive

start ahead of the Federal Reserve's policy meeting later in the

week, helped by a rally in shares of Chinese property companies.

The upbeat sentiment in equities looked set to continue into

Europe, with EUROSTOXX 50 futures up 0.36% while FTSE

futures added 0.52%.

Hong Kong and China shares gained on the back of

speculation that more stimulus measures are likely to be

unveiled this week aimed at clearing inventory and lifting home

purchase restrictions to boost sales.

Hong Kong's Hang Seng Mainland Properties Index

jumped 4.3% while mainland China's CSI 300 Real Estate Index

surged more than 7%.

That helped to lift the broader Hang Seng Index up

0.9%. China's blue-chip index also moved in step and

jumped 1.3%, while MSCI's broadest index of Asia-Pacific shares

outside Japan tacked on 0.9%.

Nasdaq futures rose 0.4%, while S&P 500 futures

gained 0.28%.

Still, the Fed's two-day monetary policy meeting beginning

Tuesday takes centre stage for the week, where expectations are

for the central bank to keep rates on hold.

Focus, however, will be on any guidance for the central

bank's rate outlook, after repeated runs of

stronger-than-expected U.S. economic data and still-sticky

inflationary pressures derailed market bets on how soon the Fed

could commence its rate easing cycle.

Market pricing shows a first Fed rate cut is expected in

September, from a June start only a few weeks ago, with just

over 30 basis points worth of easing expected this year.

"We've seen quite a significant repricing of rate

expectations in the U.S., and that's kind of a benchmark for

global interest rates," said Jarrod Kerr, chief economist at

Kiwibank.

"I think the Fed this week will kind of echo those comments

that rate cuts aren't as close as they had hoped."

The prospect that U.S. rates would remain in restrictive

territory for longer have propped up the greenback, though it

was broadly on the back foot on Monday.

Against the dollar, the euro rose 0.34% to

$1.0729, while sterling gained 0.38% to $1.2542

The dollar index fell 0.34% to 105.60, though was

headed for a monthly gain of 1%.

In commodities, Brent fell 0.9% to $88.70 a barrel,

while U.S. crude similarly edged 0.8% lower to $83.17 per

barrel, as news of a potential Gaza ceasefire also eased fears

of supply constraints.

A Hamas delegation will visit Cairo on Monday for talks

aimed at securing a ceasefire, a Hamas official told Reuters on

Sunday, as mediators stepped up efforts to reach a deal ahead of

an expected Israeli assault on the southern city of Rafah.

Gold dipped 0.2% to $2,333.30 an ounce.

(Editing by Shri Navaratnam and Jacqueline Wong)