The Nikkei 225's record closing value before Japan's early-1990s asset-price crash was 38,915.87.
The index reached that closing level on December 29, 1989, at the peak of Japan's late-1980s asset bubble. The Nikkei 225 tracks 225 leading companies listed on the Tokyo Stock Exchange's Prime Market and is calculated using a price-weighted method.
During the bubble, exceptionally high land and share prices were supported by easy credit, speculative investment, and optimism about Japan's economic strength. After the Bank of Japan tightened monetary policy, asset prices began to fall. The Nikkei then entered a prolonged decline, while banks and companies struggled with bad loans and excessive debt.
The exact figure is a closing value, not the highest intraday level. The index also differs from the broader Tokyo Stock Price Index, or TOPIX, which uses a different construction and coverage. The 1989 peak remained the Nikkei's closing record for decades, making it a key benchmark for measuring Japan's long market downturn.