The year of the sheep lived up to its reputation as a year of perseverance, bringing the first overall gains in four years for the benchmark Nikkei 225 stock average.

This was an outcome few economists were able to predict amid last year's doldrums.

On Tuesday, the Nikkei finished the year at 10,676.64, marking the highest closing figure since Nov. 5 and a rise of 24 percent from 12 months ago.