Nikkei back up to one week high

The Nikkei has continued to bounce back from the heavy losses recorded at the end of last week and today (October 30th) has reached a new one-week high.

It rose in value by 1.2 per cent to end the session at 14,502.35, which is its highest point at the close since October 22nd, reports Reuters.

Investors held back yesterday on fears the US Federal Reserve could start tapering its monetary policy at its meeting this week, but these worries have now been calmed.

The Fed is expected to leave its quantitative easing scheme in place for another month and Asian markets responded strongly to this today.

As well as the Nikkei being up by 1.2 per cent, the broader Topix index was 0.9 per cent higher to end the session at 1,204.50, while trading volume reached a five-and-a-half week high of 3.11 billion shares.

The Nikkei had slipped by one per cent yesterday only to erase most of the losses by the end of the day's trading.

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