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London Markets: FTSE 100 climbs, with bank stocks rising after BOJ decision

U.K. stocks pushed higher Wednesday, led by financial shares, as investors embraced a Bank of Japan monetary policy shift that should benefit yield-hungry banks.

The FTSE 100 UKX, +0.40% picked up 0.7% to 6,875.63, with only the defensive health care and utility sectors losing ground. On Tuesday, the London benchmark rose 0.3% to 6,830.79.

Stocks climbed Wednesday after the BOJ unexpectedly said it would start targeting 10-year interest rates, committing to keep them around zero as part of a new policy framework aimed at bolstering inflation. The central bank said it will maintain quantitative easing until its inflation target of 2% is overshot, and it kept its main interest rates unchanged.

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