Japan's Nikkei 225 reached a closing level of 38,915.87 at its 1989 peak before the bubble crash.
The index reached that record close on December 29, 1989, near the end of Japan's asset-price bubble. Japanese share and land prices had surged during the 1980s, supported by abundant credit, optimistic expectations, and rapidly rising valuations.
After the peak, Japanese equities entered a prolonged decline. The Nikkei fell heavily during the early 1990s, while the economy experienced a long period of weak growth, financial stress, and deflationary pressure. The period is often called Japan's Lost Decades.
The number is a closing level, not the intraday high. It is also specific to the Nikkei 225; Japan's broader market measures and individual shares had different prices. The peak date is separate from the later 1990s Asian financial crisis.