Tokyo’s equities markets saw significant gains Wednesday after the Fed’s move to cut US interest rates on Tuesdady and after the Bank of Japan voted Wednesday to hold its overnight rate at 0.5 percent.
Most analysts had expected the Japanese central bank to keep rates at their present level.
The Nikkei 225 added 3.67 percent to 16,381.54, while the Topix index gained 3.75 percent to 1,567.58 and the Mothers market was up 2.08 percent to 633.34.
Banks were higher on the session.
Mizuho (TYO: 8411; NYSE: MFG) was 4.5 percent higher to ¥632,000, while Sumitomo Mitsui (TYO: 8316) added 5.8 percent to ¥821,000 and Mitsubishi UFJ (TYO: 8306; NYSE: MTU) gained 6.1 percent to ¥1.05 million for its biggest one-day gain in nearly two years.
Soaring oil prices sent shares related to that sector higher.
AOC Holdings (TYO: 5017) was up 4.3 percent to ¥1,812, while refiner Cosmo Oil (TYO: 5007) was 6.3 percent higher to ¥578 after it said that International Petroleum Investment Co, Abu Dhabi’s state-controlled oil company, will become its biggest shareholder by purchasing a 20.85 percent stake.
Trader Itochu (TYO: 8001), which deals in industrial fuel, added 6.7 percent to ¥1,328.
Oil explorer Inpex jumped 8.9 percent to ¥1.22 million for its biggest one-day gain since it listed in 2006.
Exporters also saw gains on hopes that the Fed’s move will support demand in the United States.
Camera maker Canon (TYO: 7751; NYSE: CAJ) added 3.5 percent to ¥6,300, while Toyota Motor (TYO: 7203.T; NYSE: TM; LSE: TYT) and Nintendo (TYO: 7974; NAS: NTDOY; FWB: NTO) gained 5.4 percent to ¥58,600.