On what date did Japan's Nikkei 225 reach its peak before the Japanese asset-price bubble crash?

Japan's Nikkei 225 reached its pre-crash peak on December 29, 1989.

The index closed at 38,915.87, its historical closing high for many years. The peak came after a spectacular rise in Japanese share and land prices during the 1980s. The bubble then burst, and the Nikkei entered a prolonged decline as Japan's economy experienced weak growth, falling asset prices, banking problems, and deflationary pressure.

The Nikkei did not surpass that 1989 closing level until 2024, when it set a new record. This unusually long recovery period is why Japan's experience is often used as an example of the lasting effects of an asset-price collapse.

The 1989 peak is sometimes described as the start of the crash itself, but the decline unfolded over subsequent years. The event is also broader than a stock-market fall: commercial land prices, bank balance sheets, and corporate investment were deeply affected.