The key Nikkei stock index rose to a 15-month closing high Jan. 4 amid a smooth debut of the Tokyo Stock Exchange's high-speed system on the first trading day of 2010.

The 225-issued Nikkei stock average rose to a 15-month closing high Jan. 4 at the Tokyo Stock Exchange. KYODO PHOTO

The 225-issue Nikkei stock average gained 108.35 points, or 1.03 percent, from Dec. 30 to 10,654.79, the benchmark's highest close since Oct. 3, 2008. The broader Topix was up 8.16 points, or 0.90 percent, to 915.75.

Almost all the TSE's 33 industrial sectors rose, with air transport seeing the largest percentage increase, followed by glass and ceramics, and non-ferrous metals. The only decliners were the rubber product, banking, and iron and steel sectors.

A new high-speed trading system, dubbed arrowhead, launched at the TSE on Dec. 4 completed a full-day session smoothly. Brokers said the new system's debut was mostly taken positively by investors, although some players appeared cautious about possible glitches and trading risks.

The new ¥30 billion trading system, the TSE's first full renewal in 10 years, substantially shortens processing time for stock trading orders to 0.005 seconds from the two to three seconds in the previous one. It is expected to enable the Tokyo bourse to catch up with the capabilities of systems in other major stock exchanges such as New York and London.

"We are launching today a new trading system that can more than match any other market in the world in competition," TSE President Atsushi Saito said in an opening speech Jan. 4. "We will make our utmost efforts to secure our status as a worthy member in the global financial sector."