The Tokyo stock market is maintaining its upward trend amid expectations of a global economic recovery led by information technology-related investment and a favor- able supply-and-demand balance of stocks.

Although the correction of high-flying New York stock prices earlier this year that resulted from inflation fears in the U.S. has slowed polarization of the Tokyo market, high-priced stocks are expected to continue attracting investor interest.

For instance, the U.S. financial market is feeling weaker-than-expected inflationary pressures and has already presumed that the Federal Open Market Committee will decide in February to raise interest rates by a quarter of a percentage point.

The correction of overpriced stocks has already been completed, and they now stand at 20 percent to 30 percent below their peaks.

The Tokyo market has corrected its polarization trend four times since autumn 1998, and three of the corrections lasted about three weeks.

In addition, the benchmark 225-issue Nikkei average continues to rise.

Manufacturers of semiconductor production equipment will spearhead the return to buying high-priced stocks as recently released data show a 292.2 percent year-on-year jump in orders received by them in November, confirming continued brisk orders for such equipment since last summer.

U.S. stocks in this industry sector, such as Applied Materials Inc., have also been performing strongly since the start of this year.

Electronic parts and information processing stocks are expected to follow them in stimulating purchases of high-priced stocks.