The Nikkei 225 surged 3 percent on Wednesday on expectations of aggressive monetary stimulus from the Bank of Japan's (BOJ) highly-anticipated policy meeting, while the rest of Asia fell on caution ahead of further risk events this week.
The Nikkei staged an impressive rebound after the previous day's near one-month low. Meanwhile, the Kospi pared gains to close down 0.1 percent, Australia's S&P ASX 200 retreated further from the 5,000 mark and the Shanghai Composite closed just above a fresh low for 2013.
The Bank of Japan is due to release a policy decision on Thursday, when it concludes its two-day meeting, which will likely influence risk appetite in Asia.
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On tap for the week ahead, the European Central Bank holds its policy meeting on Thursday and monthly U.S. non-farm payrolls data are due Friday. The jobs report is key to the Federal Reserve maintaining its supportive policy stance.