Tokyo stocks surge as bank failure worries recede

Tokyo stocks surged Wednesday, led by bank-related stocks as worries about the U.S. financial sector eased after U.S. Treasury Secretary Janet Yellen indicated the government is prepared to protect deposits at smaller banks following the failure of two regional banks.

The 225-issue Nikkei Stock Average ended up 520.94 points, or 1.93 percent, from Monday at 27,466.61. The broader Topix index finished 33.63 points, or 1.74 percent, higher at 1,962.93. Japanese financial markets were closed Tuesday due to a public holiday.

All industry categories except air transportation issues gained, led by c...