2013.03.0606:47:30UTC+00Nikkei sets new 4-1/2 year high near 12,000; domestic plays leadNikkei sets new 4-1/2 year high near 12,000; domestic plays lead

With investors buying global cylical stocks as well as those focused on the Japanese market, the Nikkei share average scaled a new 4-1/2 year high on Wednesday, within sight of the 12,000 mark, helped by a record closing on Wall Street and prospects of a reflationary policy in Japan to revive growth.

Retailers, insurers, information and communication companies, and warehouse operators, outperformed the overall market.The Nikkei ended 2.1 percent higher at 11,932.27, its highest closing level since late September 2008, shrugging off gains in the yen.

"Currently, market players don't care as much about forex moves. The rally is more about excess liquidity to be created by monetary and the expectations that more money to flow into the stock market," said Mitsushige Akino, executive director and chief fund manager at Ichiyoshi Asset Management.

After the closing bell, Sharp said it will raise 10.3 billion yen through a share offer to Samsung in a bid to bolster its finance. The Nikkei has gained nearly 15 percent this year, outperforming its global peers on the back of a weaker yen, mainly driven by Abe's call for aggressive monetary easing to fight Japan's chronic deflation.