Tokyo: Japan's Nikkei index hit a record high today before retreating into negative territory, amid concerns about inflation and higher interest rates.

According to Oman News Agency, the Nikkei 225 fell 1.0 percent to close at 62,654.05 points, after hitting an unprecedented 63,799.32 during the previous session. The broader Topix index also declined 1.03 percent to 3,879.27 points. Ninety-two stocks on the Nikkei advanced, compared with 133 that declined. Fujikura was the biggest loser, falling 19.1 percent, followed by Mitsubishi Materials, which dropped 12.1 percent. Mitsui Fudosan, one of the largest real-estate developers, also fell about 10 percent. On the other hand, Tokai Carbon led percentage gainers on the Nikkei, surging 18.5 percent, followed by Nissui Corp, which rose 11 percent.