The lowest closing level of Japan’s Nikkei 225 during the collapse that followed its 1989 bubble peak was 7,054.98.
The Nikkei 225 reached its historic closing peak of 38,915.87 on December 29, 1989. It then fell as Japan’s asset-price bubble burst. The index eventually closed at 7,054.98 on March 10, 2009, during the global financial crisis, far below its 1989 high.
Japan’s bubble had involved soaring urban land prices, equities, and credit. After the Bank of Japan tightened monetary policy, asset values declined and heavily indebted banks and companies struggled. Weak demand, deflation, and slow financial repair contributed to what became known as Japan’s “Lost Decades.”
The 2009 low was not simply the immediate bottom of the 1990 crash; it reflected the later global crisis as well. The Nikkei subsequently recovered, but its 1989 record remained unbroken for decades and was finally exceeded in 2024.