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Nikkei 225 index jumps 2.99% to 12,362.20 by close

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(Globalpost/GlobalPost)

Tokyo stocks jumped 2.99 percent on Wednesday with the yen weakening as the Bank of Japan starts a two-day policy meeting, and after Wall Street pushed to fresh record highs.

The benchmark Nikkei 225 index added 358.77 points to 12,362.20 by the close, while the Topix index of all first-section shares climbed 1.93 percent, or 19.09 points, to 1,010.43.

US stocks reached new levels Tuesday on solid manufacturing orders data and strong results from US automakers. The Dow Jones Industrial Average closed at an all-time record high of 14,662.01, up 0.61 percent.

That helped ease concerns among global investors over a potential fall on Wall Street after US stocks had appeared to struggle to find upward momentum in recent days, said Kenichi Hirano, market analyst at Tachibana Securities.

"Everyone was worried about falls in New York stocks," he told Dow Jones Newswires. "It's all OK now."

Market participants are now focusing on the outcome of a two-day policy meeting of the Bank of Japan which started Wednesday and a European Central Bank meeting on Thursday, as well as US jobs data on Friday, he said.

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http://www.globalpost.com/dispatch/news/afp/130403/nikkei-225-index-jumps-299-1236220-close-0