Asian shares rose on Wednesday despite data showing Japanese exports weakening due to China's flagging demand. Traders saw the weak data as a sign Bank of Japan would ease its policy further. Japan's Nikkei rose a robust 228 points, or 1.26% to 18,435. China's Shanghai rose 0.39%. Australia's S&P\ASX 200 rose 0.30%. Korea's KOSPI rose 0.31%. India's Nifty rose 0.21%.

Oil prices eased ahead of the weekly U.S. crude oil inventories report, forecast to have grown 3.5M, but traders worry of a more expanded build-up reflecting a persisting supply glut in the market. Brent crude futures fell 12 cents, or 0.26% to $48.56 a barrel. U.S. oil futures fell a further 26 cents, or 0.56% to $46.03 a barrel.

Yen extended its fall against the main currencies after the weak exports data. It fell for the fifth session against the dollar to a one-week low at 119.95. Against Sterling it slid to 185.26. Against Euro it fell to a six-day low at 136.27.

Euro was steady on Wednesday ahead of tomorrow's ECB policy meeting. Data released earlier showed credit and bank lending at a healthy state, dampening expectations of further easing. Euro rose against dollar to 1.1359. Against Sterling it rose to 0.7354.

Canadian dollar erased what it lost after Liberals won elections, trading at 1.2970 against U.S. dollar. Australian dollar also rose, trading at $0.7271.

Gold was little changed in early trading, falling half a dollar, or 0.04% to $1,177 an ounce. Silver fell 4 cents, or 0.22% to $15.86 an ounce.

Loonie traders will be waiting for Bank of Canada's policy meeting today, BOC is expected to leave the overnight rate unchanged at 0.50%.