A change in Brazil's government could provide a boost to the emerging market's economy, JPMorgan Chief Emerging Markets Strategist Adrian Mowat said Wednesday.

"Investors are looking for policy change in Brazil so we should get some momentum into the October election," he said on CNBC's "Fast Money."

Mowat recent upgraded Brazil to an "overweight" rating, as the hope of policy change rises and relative momentum remains strong.

"I think there's been a number of important factors for Brazil this year. One, the price of borrowing for emerging market companies has been falling. ... We've seen currency strength has come down and we've seen very strong flows into EM fixed income," said Mowat. "We've also got the hope of policy change."

—By CNBC's Leanne Miller