Japan’s Nikkei gained more than 2% and South Korea’s KOSPI over 3%, while strong US jobs data and higher oil prices kept rate concerns in play.

The dollar index held above 99 after US payrolls jumped 162,000 in August, well above the 56,000 forecast. Unemployment stayed at 4.1%, wage growth eased to 3.1%, and September Fed hike odds climbed to around 60% from 50%. US-Iran ship strikes and higher oil also supported the dollar.

Japan’s 10-year yield steadied around 2.91% as PM adviser Takuji Aida pointed to possible BOJ hikes in September and again by January. Takaichi’s expansionary fiscal policy has also pressured bonds, while an unusual GPIF meeting raised speculation that the $2 trillion fund could increase its domestic bond allocation.

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