On what date did Japan’s Nikkei 225 reach its peak before the 1989–90 market crash?

Japan’s Nikkei 225 reached its peak before the 1989–90 market crash on December 29, 1989.

The index closed at 38,915.87 on that date, marking the high point of Japan’s asset-price bubble. The boom had been supported by rapid credit growth, rising land prices, and strong confidence in Japanese corporations and financial institutions.

After the peak, Japanese share and property prices fell sharply. The Nikkei’s decline became a defining feature of the “lost decades,” a long period of weak growth, banking problems, deflationary pressure, and economic stagnation. The index did not quickly return to its 1989 level.

The date is sometimes confused with the start of the calendar year 1990, when the decline became more visible. The peak itself occurred at the end of 1989, while the broader collapse unfolded over several years. The crash was part of a wider asset-price reversal, not just a one-day stock-market event.