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Japan's Nikkei share average rose to its highest close in six years on Thursday on the back of a big drop in the yen after the US Federal Reserve announced it would start unwinding its historic stimulus.
Japanese equities were bolstered by a surge in the dollar/yen to over five-year highs in the wake of the Fed decision, underscoring the benefits of a weak currency for Japan's export-reliant economy.
The Nikkei added 1.7% to close at 15,859.22, its highest close since December 2007. During trade, it rose as high as 15,891.82, a hair's breath away from its May high of 15,942.60. It was a third day of gains for the Nikkei.
The Topix gained 1.0% to 1,263.07, with all of its 33 subsectors in positive territory. Volume was high, with 2.9 billion shares changing hands.
The Fed said it would reduce its monthly asset purchases by $10 billion to $75 billion, and indicated that its key interest rate would stay at rock-bottom even longer than previously promised.
