Japan’s Nikkei 225 finally surpassed its December 1989 record high in 2024.
The index closed at 38,915.87 on December 29, 1989, near the peak of Japan’s late-1980s asset-price bubble. After the bubble burst, Japanese share prices entered a prolonged decline known as the Lost Decades, and the Nikkei remained below that record for more than 34 years.
On February 22, 2024, the Nikkei 225 closed at 39,098.68, exceeding its previous closing record for the first time. The milestone highlighted how unusually long Japan’s recovery had been compared with many other major stock markets.
The 2024 record was supported by factors including corporate-governance reforms, stronger profits at some Japanese companies, a weaker yen that benefited exporters, and renewed foreign investment. Surpassing the old high did not mean that every Japanese share or household had recovered equally, and the index’s price level does not include reinvested dividends.