Nikkei boosted but yen down

The Nikkei has consolidated the gains it recorded during yesterday's trading by expanding again today (October 9th).

It rose by one per cent on the back of the news US president Barack Obama is backing Janet Yellen to take over as Federal Reserve chief from Ben Bernanke.

After a slight rise yesterday bucked a few consecutive days of losses for the Nikkei, the one per cent gain puts it in a stronger position for the rest of the week.

However, the index had dropped to as low as 13,751.85 in the morning session, close to the five-week low hit by the Nikkei earlier in the week, reports Reuters.

While the Nikkei was up by one per cent to end the day at 14,037.84, the broader Topix gained 1.5 per cent to 1,166.90.

Yesterday, the Nikkei grew by 0.3 per cent to arrest a run of four days of dips in a row for the index, while the Topix added 0.2 per cent to 1,150.13.

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