The benchmark index on the Tokyo Stock Exchange has closed at a high not seen since the early 1990s, when the country was in the middle of an asset bubble.

The Nikkei Average jumped by more than 700 points immediately after trading opened on Friday, as investors placed buy orders for a broad range of issues, including semiconductors.

The index hit an intra-day high since February 1990.

It slipped later as investors locked in profits, and ended the day at 35,577, up 527 from Thursday's close.

The index has set a post-bubble high for four days in a row.

Market sources say investors are hoping Japanese shares will maintain their rally, as the Nikkei Average continues to set a post-bubble high.