Asian markets rose on Wednesday following Wall Street's lead, as tensions over emerging markets eased and ahead of a Federal Reserve decision on its stimulus programme.

Tokyo's benchmark Nikkei index jumped 2.70 percent, or 403.75 points, to 15,383.91, while the Topix index of all first-section shares rose 2.60 percent, or 31.87 points, to 1,256.18.

"Today's move in the Nikkei is largely a result of a more accommodative dollar level," said Daisuke Uno, strategist at Sumitomo Mitsui Banking Corp.

"With Turkey and India raising interest rates and the US Fed set to make its decision on policy soon, markets are still cautious."

Canon added 0.68 percent to 3,070 yen ahead of its April-December earnings announcement, and Uniqlo clothing chain operator gained 3.22 percent to 39,360 yen.

Sony rose 1.50 percent to 1,690 yen. After markets closed, the electronics giant said it plans to buy a chip plant from Renesas Electronics for 7.5 billion yen, and invest another 27.5 billion to boost production of image sensors used in smartphones and other devices with cameras.

Nintendo recovered earlier losses to end 1.25 percent higher at 12,880 yen before the Japanese electronics giant announced its April-December financial results.

Hong Kong's benchmark Hang Seng Index added 180.97 points to end at 22,141.61 on turnover of HK$68.37 billion ($8.82 billion). Bargain buyers helped push the index higher after it tumbled almost five percent in the previous four sessions.

Mainland financial shares, which had been badly hit by sell offs earlier in the week, bounced back Wednesday. Industrial and Commercial Bank of China jumped 4.1 percent to HK$4.86 and China Construction Bank rose 2.5 percent to HK$5.41.

Tencent, China's biggest online firm, also saw its shares rise 5.77 percent to HK$532.

However, HK Electric, a newly public investment trust made up of tycoon Li Ka-shing's Hong Kong electricity assets tumbled two percent to HK$5.34 on its debut despite being Hong Kong's biggest IPO of the year.

The firm, which raised $3.11 billion earlier this month in an initial public offering, had slumped as much as four percent during the session.

Chinese shares closed up 0.56 percent in quiet trade as investors prepare for a week-long holiday. The benchmark Shanghai Composite Index rose 11.40 points to 2,049.91 on turnover of 67.7 billion yuan ($11.2 billion).

The Seoul index rose 1.26 percent, or 24.22 points, to 1,941.15 and Sydney finished 1.04 percent, or 53.9 points, higher at 5,229.0.

Taipei was closed for a public holiday.

In afternoon Tokyo trade the dollar fetched 103.23 yen against 102.97 yen in New York Tuesday.

The euro inched up to 141.05 yen from 140.73 yen while also sitting at $1.3665 against $1.3667.

Oil prices were mixed. New York's main contract, West Texas Intermediate for March delivery, eased 28 cents to $97.13. Brent North Sea crude for March was up one cent at $107.42.

Gold fetched $1,257.11 at 1115 GMT, compared with $1,254.37 late Tuesday.

In other markets:

-- Mumbai fell 0.18 percent, or 36.21 points, to 20,647.30 points.

Shares of Indian Overseas Bank fell 5.83 percent or 2.70 rupees to 43.65 rupees, while top carmaker Maruti Suzuki rose 7.11 percent or 111.15 rupees to 1,674.35 rupees a share.

-- Kuala Lumpur gained 0.45 percent, or 7.98 points, to close at 1,789.23.

Shipping company MISC added 2.1 percent to 5.87 ringgit, while SapuraKencana Petroleum rose 1.6 percent to 4.38. Plantation giant IOI Corp. fell 0.5 percent to 4.15 ringgit.

-- Bangkok slipped 0.03 percent, or 0.37 points, to 1,271.42.

Coal producer Banpu was unchanged at 26.50 baht while energy giant PTT Plc fell 1.44 percent to 274.00 baht.

-- Jakarta ended up 1.74 percent, or 75.70 points, at 4,417.35.

Retailer Ramayana Lestari Sentosa rose 4.55 percent to 1,265 rupiah, while cigarette maker Hanjaya Mandala Sampoerna fell 0.15 percent to 65,950 rupiah.

-- Singapore closed down 0.47 percent, or 14.48 points, at 3,047.93.

Oil rig maker Keppel Corp eased 0.75 percent to Sg$10.54 while DBS bank was down 0.78 percent to Sg$16.52.

-- Wellington rose 0.71 percent, or 34.28 points, to 4,882.72.

Fletcher Building was up 1.48 percent to NZ$8.90 and Air New Zealand was down 1.16 percent at NZ$1.70.

-- Manila added 0.78 percent, or 47.03 points, to 6,069.84.

Alliance Global ended 1.11 percent higher at 27.30 pesos and SM Prime Holdings was 2.15 percent up at 15.18 pesos, while Philippine Long Distance Telephone added 0.07 percent to 2,706 pesos.