Japan country-specific exchange traded funds jumped Wednesday after the Japanese Nikkei 225 surged on its largest one-day move since the financial crisis.

The iShares MSCI Japan ETF (NYSEArca: EWJ) rose 0.8% Wednesday.

Meanwhile, the CurrencyShares Japanese Yen Trust (NYSEArca: FXY) dipped 0.8%, with the Japanese yen currency trading at around 120.9 to the U.S. dollar.

Currency-hedged Japan ETF options were also strengthening off the weaker JPY. On Wednesday, the WisdomTree Japan Hedged Equity Fund (NYSEArca: DXJ) rose 1.8%, iShares Currency Hedged MSCI Japan ETF (NYSEArca: HEWJ) increased 1.8% and Deutsche X-trackers MSCI Japan Hedged Equity ETF (NYSEArca: DBJP) gained 1.6%.

Japanese equities strengthened Wednesday after the Nikkei Stock Average jumping 1343.43 points, or 7.7%, to 18770.51, its biggest percentage gain since October 2008 and its biggest point rise since January 1994, reports Kosaku Narioka for the Wall Street Journal.

The Nikkei was seen as a valuation play after the index gave up all its gains for the year on Tuesday, with analysts pointing out that Japanese companies’ record profits were not reflected in their relatively low stock prices compared to earnings.

Additionally, Japanese equities were rising on an optimistic Chinese economy, a major export market for Japan. China’s finance ministry said Tuesday that Beijing will implement a “more forceful” fiscal policy to stimulate growth, allocate funds to support infrastructure and cut taxes for small businesses.

“That created good timing to buy,” Naoki Fujiwara, fund manager at Shinkin Asset Management, told the WSJ. “It had been difficult to enter because the market kept falling.”

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