Japan's Nikkei jumps as Wall Street tech rally lifts mood

TOKYO, Oct 28 (Reuters) - Japan's Nikkei share gauge jumped on Wednesday, following a rally on Wall Street overnight led by technology shares.

The benchmark Nikkei 225 .N225 climbed 1.34% to 64,117.58 in morning trade. The broader Topix .TOPX gained 0.39% to 4,012.81.

The S&P 500 .SPX rose 0.60% and the Nasdaq .IXIC gained 1.18% on Tuesday, with technology leading sector gains and energy lagging.

Meta Platforms META.O fell after it increased its equity fundraising to $97.5 billion to fund AI expansion, with Nvidia NVDA.O and AMD AMD.O committing $3 billion and $1 billion, respectively, to the offering.

In Tokyo, chip-related stocks Disco 6146.T and Screen Holdings 7735.T were among the Nikkei's top gainers, up 3.67% and 3.46%, respectively.

Investors also looked ahead to the Federal Open Market Committee's (FOMC) rate decision, due later on Wednesday, with markets pricing in a hold and a high probability of a December hike.

Crude prices fell overnight, though the US-Israeli war with Iran and security risks around the Strait of Hormuz remained in focus.

"AI and chip stocks are likely to be bought after yesterday's gains in US tech, but the market also wants to see the outcome of the FOMC," Takayuki Miyajima, senior economist at Sony Financial Group, said in a note. "With major Japanese and US earnings still to come, a wait-and-see stance is likely."

There were 109 advancers on the Nikkei 225 against 93 decliners.

The largest percentage gainers in the index were Mitsui Kinzoku 5706.T, up 3.87%, followed by Shin-Etsu Chemical 4063.T, 3.78% higher, and Disco 6146.T, which gained 3.67%.

The largest losers were Konami Group 9766.T, down 3.51%, followed by Asahi Group Holdings 2502.T, 2.75% lower, and Idemitsu Kosan 5019.T, which lost 2.32%.