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 was up 1.18% at 38,688.66 by the midday

break, after briefly soaring to a three-week high of 38,863.14.

The broader Topix was up 0.28% at 2736.19.

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 in the morning session on

the positive news, with 132 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 453-point climb.

Japan's financial markets were closed on Friday and Monday

for a public holiday.

Fears had grown that no cuts would be made in 2024, so the

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

Matsuzawa, chief macro strategist, 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-related shares Tokyo Electron ( TOELF )

and Screen Holdings ( DINRF ) surged 4.1% and 4.2%,

respectively.

Disco Corp ( DISPF ) jumped 6.7% to become the best performer

of the session.

AI-focused startup investor SoftBank Group gained

2.8%.

Outside of tech, Nikkei heavyweight and Uniqlo parent firm

Fast Retailing ( FRCOF ) rose 3.5% to add 140.24 index points

alone.

Shares of Sony Group Corp ( SONY ) fell 3.5% and

pharmaceutical company Daiichi Sankyo ( DSKYF ) declined 3.7%,

capping the Nikkei's gains.