Market players were elated to see the benchmark Nikkei average climb past the 20,000 level briefly Friday, a formidable rising resistance line since 1992.
Although the 225-issue average has climbed past the 20,000 level from time to time in recent years, it has failed to surpass the 1996 peak of 22,666 hit on June 10, 1996.
Investors are counting on economic recovery at home and a growing flow of money into the market. The market has also been propped up by stepped-up efforts in both the private and public sectors to catch up with the information technology revolution in the U.S. This has sent Softbank Corp. stock soaring above 100,000 yen.
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