Asian stock markets rallied a day after central banks stepped in to tackle the global credit crisis, but fears over deeper underlying problems remained.
European and Asian share indexes rose after the world's biggest central banks promised to inject billions of dollars of cash into global financial markets.
Japan's Nikkei and broader Topix both ended 1.6% up, having added 3% at one point after central banks put billions of dollars into the credit markets.
London's FTSE 100 index was 1.1% higher, France's Cac 40 added 1.4% and Germany's Dax rose 1.1%. Earlier, Japan's Nikkei closed a 1.6% higher.
Shares in Australia, Singapore and India climbed more than 2%. South Korea and Hong Kong were up by more than 1%.
News of co-ordinated plan by the banks gave US stock indexes their biggest one-day gain in five years on Tuesday.
But some Japanese analysts say the bank moves will not solve the credit crisis.
The move aims to ease the global credit freeze which threatens economic growth.
"Yesterday's move was like a shot in the arm for the market, but it hasn't gotten at the real root of the illness," said Norihito Fujito, a strategist at Mitsubishi UFJ Securities.
Banks have been reticent to lend to each other and consumers after suffering billions of dollars of losses on investments linked to the weakening US housing market.
Rising costs
The central banks, which include the Bank of England and the US Federal Reserve, will pump more than $200bn into the banking system in an attempt to stimulate lending.
The cash injection on Tuesday was aimed at easing the credit crunch and its impact on the wider economy, by making it easier for businesses and consumers to borrow money.
Banks, which have been hard hit by the credit crisis, saw their shares rise in Europe on Wednesday.
However, there are continued signs the region's previously strong economic growth could be slowing at a time of rising energy and food costs.
Societe Generale added 3.2% and BNP Paribas climbed 2.2%. UBS rose 3.4% and Credit Suisse added 3.8%. Royal Bank of Scotland was also higher, adding 3.1%
Some fear these factors could prevent further equity market gains.
Shares in Australia, Singapore and India earlier climbed more than 2%. South Korea and Hong Kong were up by more than 1%.
India's industrial output grew 5.3 % in January from a year earlier, but slowed sharply from the previous month's figure of 7.7%.
A survey on Wednesday also showed Australian consumer sentiment fell in March to its lowest in more than 14 years.
And Chinese stocks closed 2.30% down, on worries high inflation will lead to more steps to slow the country's economy.
Meanwhile, in Japan - which, like other Asian nations, is highly reliant on exports to the US - new figures showed that economic growth remained steady in the fourth quarter.
But, despite these better-than-forecast growth figures, analysts have warned of a possible slowdown in the first quarter.
