Asian shares have tracked Wall Street's rally after the head of the Federal Reserve hinted that cuts to interest rates may be on the way.

The Dow shot up 846.24 points (1.9%) to 45,631.74, the Nasdaq surged 396.22 points (1.9%) to 21,496.53 and the S&P 500 jumped 96.74 points (1.5%) to 6,466.91.

Wall Street traders dialed up bets on rate cuts Friday and tamped down their expectations of future volatility. Futures pricing Friday suggested traders saw a roughly 83% chance that the Fed will cut rates at its next meeting,