Asian and European shares rose on Wednesday after the government of Japan announced a stimulus package of $265 billion, bigger than what analysts expected, to boost the morbid Japanese economy and stave off Brexit's dangers.

Japan's Nikkei index 1.72% to 16,664, wiping out its losses for this week after hitting a two-week low yesterday at 16,323, while the pan European FTSEurofirst 300 index advanced over half a percentage point to near a one-month high.

The dollar benefited from the sentiment in the markets as investors await the Federal Reserve's decisions later today, with the index up 0.12% at 97.28, while the greenback advanced 0.25% against sterling to hover around 1.3098.

Yen suffered large losses after the announcement of the big stimulus package, tumbling 0.82% against the dollar to 105.49 away from a two-week high set yesterday at 103.98.

Investors await the Fed's decisions after the conclusion of its periodic meeting today, and while it is expected to keep everything unchanged, analysts will sift through its official statements to gauge whether there will by a rate hike in December.

Oil traders await the data on U.S. crude stocks, expected to drop by 2.1 million barrels last week, adding to the previous week's 2.3M drawdown, which would underpin prices.