Asia shares rise on US rally ahead of expected Fed rate hike

TOKYO (AP) — Asian shares have advanced after Wall Street closed higher on a last-minute buying spree following recent losses. Investors are expecting another interest rate increase this week from the U.S. Federal Reserve. Japan reported consumer inflation jumped in August to 3%, its highest level since November 1991. Japan’s central bank is set to have a two-day monetary policy meeting later this week, although analysts expect it to stick to its easy monetary policy. Markets are jittery over whether the Fed’s plan to cool the hottest inflation in four decades might be too aggressive and throw the economy into a recession by pumping the brakes on growth too hard.