Traders cited persistent domestic demand for stocks through systematic futures buying as the reason for the recent surge, which has now pushed the index up nearly 15% for 2015. Part of the strength in domestic demand lies in buying from Japanese public pensions and the Bank of Japan.
The Nikkei touched an intraday high of 20006.00 shortly after the market opened but pulled back and was last off 0.1% at 19922.14. The last breach of the 20000 mark was on April 17, 2000.
In other markets opening early, Australia's S&P/ASX-200 was fractionally higher at 5933.10, while New Zealand's NZX-50 was off 0.1% at 5842.635. Korea's Kospi was up 0.8% at 2076.16.
"Markets globally are more central bank policy-driven than ever, which has sent stock valuations to sky-high levels and bond yields negative," says Lorne Steinberg, chief executive at Montreal-based Lorne Steinberg Wealth Management. "In that context, the Nikkei at 20000 is not a surprise. But Japanese equities have the added appeal of better value versus other developed markets, as profits are growing faster, while shareholder returns are also improving. The market still looks attractive from a number of important perspectives."
Write to Brad Frischkorn at bradford.frischkorn@wsj.com
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(END) Dow Jones Newswires
April 09, 2015 21:50 ET (01:50 GMT)
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