What was the peak date of Japan’s Nikkei 225 during the late-1980s asset-price bubble?

Japan’s Nikkei 225 peaked on December 29, 1989, during the late-1980s asset-price bubble.

The index closed at 38,915.87 on that date, establishing a record that stood for decades. Japanese stocks and land prices had risen dramatically during the 1980s, supported by abundant credit, speculation, and optimistic expectations. The Bank of Japan then tightened monetary policy, and the bubble began to deflate.

The Nikkei’s fall was not a single-day crash like Black Monday in 1987. It was a prolonged collapse that damaged banks, companies, property markets, and household wealth. Japan subsequently entered a period often called the Lost Decades, marked by weak growth and financial-sector problems.

The peak date is sometimes confused with the market’s 1990 decline or with later global crashes. The index did not return to its 1989 closing high until 2024, illustrating how long the aftermath lasted.