The Nikkei average, which hit an all-time high of 38,915.87 on the final trading day of 1989, has been languishing at around 10,000 in recent months.

The 225-issue average fell to 9,475.60 on Feb. 5, slipping below the Sept. 17 mark of 9,504.41, which had itself constituted an 18-year low.

The market may be signaling that an economic recovery previously expected this spring may not occur until after this summer.