Overall volume in PEP options was roughly three times the average daily level for the stock as of 11:00 a.m.

FORBES: Money Pours Into PepsiCo Calls, Illumina Options Light Up Before Earnings

Japan's Nikkei Stock Average climbed 2% to the highest level seen since July 2008 as markets reacted to the Bank of Japan's new aggressive efforts to ease monetary policy.

WSJ: Stocks Notch Another Record

In Asia, Japan's Nikkei Stock Average surged 1.9% to its highest level since June 2008.

WSJ: U.S. Stocks Close Higher

Japan's Nikkei Stock Average rose 2.9% to the highest level since January 2008.

WSJ: U.S. Stocks Close at Records

Japan's Nikkei Stock Average climbed 3.8% to the highest level since September 2008, and the yen fell against the dollar to briefly touch a near three-year low, after Bank of Japan Gov. Masaaki Shirakawa offered to step down three weeks before the expiration of his term.

WSJ: Blue Chips Eke Out a Gain

In Tokyo, the Nikkei Stock Average climbed 1.1% to 8, 883.69, a closing level it hasn't seen since Oct. 31.

WSJ: Weaker Yen Lifts Tokyo Exporters

Japan's Nikkei Stock Average traded nearly flat, ending down 0.1% at 8160.01, its lowest closing level in nearly 32 months.

WSJ: Asia Slips on Europe Worries

Weakness in the yen gave Japanese stocks a boost, with the Nikkei Stock Average up 0.6% at 12, 004.37, rising through the 12, 000 level to a new 2013 high in early trading.

WSJ: Nikkei Sets Fresh 2013 High