Japan's Nikkei stock index hit a fresh five-and-a-half year high on Wednesday, resuming its out-performance as the weak yen hovered around 102 to the dollar, while other Asian markets pared initial gains.
The Nikkei 225 rose over 2 percent to close above 15,000, its highest levels since January 2008. Australian shares reversed gains after hitting a five-year high, while Seoul's Kospi was flat and the Shanghai Composite closed up 0.3 percent.
Asian markets outside of Japan were unable to track record overnight rallies in the U.S. and Europe. Still, experts said risk appetite remained solid.
"That equity market adage, sell in May and go away, is not so much misleading as it is misdirected," Vishu Varathan of Mizuho Corporate Bank said in a note. "For May, the S&P 500 is up 3.3 percent, Euro Stoxx over 3 percent and the Nikkei 6.5 percent - So, anyone who had sold and gone away would be smarting right now."