The iShares Japan MSCI Index Fund (NYSEArca: EWJ) rallied nearly 3% Thursday as Japanese stocks rallied after the Federal Reserve said it would stand pat on interest rates.

Tokyo stocks climbed Thursday to their highest level since last month’s quake as earnings helped lift equities, Reuters reported.

“Earnings and a rise in overseas shares are key factors that boosted shares prices today,”said Hideyuki Ishiguro, a supervisor at Okasan Securities, according to the report. “Better-than-expected earnings have prompted short-covering after convincing gains seen over the past two days.”

The Japan ETF ended U.S. trading Wednesday with a year-to-date loss of about 6%.

iShares Japan MSCI Index Fund

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