The key Nikkei stock index briefly rose past the 10,000 line Thursday for the first time in eight months amid continued optimism about a global economic recovery, although it later lost steam to end the day slightly below the mark.
The 225-issue average lost 10.16 points, or 0.10 percent, from Wednesday to 9,981.33, after rising to as high as 10,022.23 at one point.
It was the first time the benchmark index topped the symbolic 10,000 mark since Oct. 8, when it logged an intraday high of 10,011.64.
The broader Topix index of all first section issues on the Tokyo Stock Exchange was up 3.64 points, or 0.39 percent, to 940.65, its highest close since last Nov. 5.
The Tokyo market started on a weak note but with optimism remaining firm that the worst is over and the world recession is abating, upward momentum following strong gains enabled the Nikkei to break 10,000 three months after hitting a 26 1/2-year closing low on March 10.
As selling for profits kicked in and investors became wary of market overheating, the indexes fluctuated in and out of negative territory in a narrow range throughout the rest of the day.
“With the Nikkei hitting the 10,000 level, adjustments back to levels prior to the Lehman shock are almost complete and it is unlikely the index will plunge again below the 7,000 range like it did in March and last October,” said Yutaka Miura, a senior technical analyst at Mizuho Securities Co., referring to the sharp downturn in stock prices triggered by the collapse of Lehman Brothers Holdings Inc. last September.
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