During the 1989 Japanese asset bubble, the Nikkei 225’s record closing level before the crash was 38,915.87.
The index reached that closing record on December 29, 1989, near the end of Japan’s rapid asset-price expansion. Easy credit, rising land values, strong corporate investment, and heavy speculation had pushed Japanese shares to extraordinary valuations. The Nikkei’s intraday high came on the same date at a slightly higher level of 38,957.44.
After the bubble burst, Japanese equities entered a prolonged decline. The Nikkei fell sharply through the early 1990s and remained far below its 1989 peak for decades. Japan’s experience became a major example of how stock and property bubbles can affect banks, companies, and economic growth for many years.
The closing record is sometimes confused with the intraday record. The requested figure is the official end-of-day close, not the highest price reached during trading.