Tokyo  - The Japanese market opened the new fiscal year in a positive light Wednesday, despite the Bank of Japan's Tankan survey results.

The benchmark Nikkei 225 Stock Average increased 242.15 points, or 2.99 per cent, to 8,351.68.

The broader Topix index of all first-section issues was also up 22.09 points, or 2.89 per cent, to 795.75.

Japan's key Tankan index of manufacturer sentiment hit a record low in March, the Bank of Japan said Wednesday.

The survey of large firms dropped to minus 58 in March, the lowest number recorded in Tankan's 35-year history. The plummeting confidence points to lower spending and investment, job losses and a deepening recession.

A negative figure shows pessimists outnumber optimists.

On currency markets at 9 am (0000 GMT), the dollar traded at 99.30-35 yen, up from Tuesday's 5 pm quote of 98.30-32 yen.

The euro traded at 1.3254-59 dollars, down from late Tuesday's quote of 1.3275-77 dollars, and at 131.68-73 yen, up from 130.50-54 yen. (dpa)