Stock markets across Asia closed in positive territory Wednesday, mirroring the previous day’s big rebound on Wall Street from Monday’s massive sell-off.

Japan’s main Nikkei index finished Wednesday’s trading session one percent higher, while Hong Kong’s index, the Hang Seng, gained more than two and one-quarter percent. Indexes in Sydney, Wellington and Taiwan also finished Wednesday’s trading session at least two percent higher.

European indexes also made huge gains in the early hours of their trading sessions, but fell off sharply as the day progressed.

U.S. markets enjoyed an upswing Tuesday after the Federal Reserve, the U.S. central bank, announced it would keep the key interest rate in its current ultra-low range — between zero and one-quarter of a percent — until at least the middle of 2013. The Reserve said it is worried that the nation’s economy is recovering more slowly and the labor market is weaker than expected.

Officials hope these record-low interest rates will lead to more borrowing and spending to stimulate the economy.

The Fed meeting followed several days of steep losses for stock markets around the world, and Friday’s downgrade of U.S. credit by the Standard & Poor’s rating agency. Central bank officials said they discussed other policy options to boost the economy, and are ready to use them if needed.