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Nikkei 225 Breakthrough


The Nikkei 225 has finally surpassed its peak from 1989 after more than 34 years. Many other countries are still waiting.

Longest Stretches Without Reaching a New High

Of the 84 international equity benchmarks tracked by the Deutsche Bank team, Japan experienced the longest stretch without reaching a new high, at least so far, according to a chart shared on Thursday. Still, roughly 30 countries have waited a decade or more for a fresh record, with some down more than 50% or more from their previous peak.

Elite Group Still Languishing Below Their Dot-Com Era Highs

Only a few have come remotely close to matching Japan’s record-free stretch. As the chart below shows, Italy, Portugal, Greece, Finland and Cyprus are among an elite group still languishing below their dot-com era highs of nearly 25 years ago.

Countries Struggling to Reach Stock-Market Records

Meanwhile, the list of countries that have gone between 15 and 20 years without a fresh stock-market record is much longer. It includes Ireland, whose stocks are trading within 10 percentage points of a fresh all-time high, and China, which has struggled mightily since COVID-19, and remains roughly 60% below its 2007 peak, according to Deutsche Bank’s data.

Value-Conscious Investors Beware

As the dawn of the century passes, many European indices have failed to deliver strong returns. Attempting to predict a potential turnaround in this trend is risky, according to investment expert Reid.

Surging Nikkei 225 and Record Highs

Japan’s Nikkei 225 JP:NIK soared by 2.2% on Thursday, surpassing its previous peak from December 1989. Meanwhile, in the U.S., the S&P 500 SPX and Dow Jones Industrial Average DJIA were poised to set new record highs. The Nasdaq Composite COMP is also closing in on its November 2021 peak.

Japanese Stocks Make a Remarkable Comeback

The recent surge of Japan’s Nikkei 225 to its bubble-era peak reflects a remarkable recovery for struggling Japanese equities. When measured in yen, the Nikkei 225 outperformed the S&P 500 in 2023 and continues to lead among developed-market peers in 2024, based on FactSet data.

Key Highlights:

  • Japan’s Nikkei 225 reaches milestone after 34 years
  • European stocks achieve new record highs following Nvidia-led semiconductor rally

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