Nikkei 225
^N225JapanPremier Japanese stock market index of 225 top companies on the Tokyo Stock Exchange.
As of Nov 4, 2026, Nikkei 225 (^N225) closed at 62,188.60 pts, representing a -14.06% drawdown from its all-time high of 72,366.30 pts recorded on Jun 25, 2026 (132 days ago). Returning to all-time high requires a +16.4% gain.
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Drawdowns of Top Holdings
Historical Maximum Drawdowns & Annual Drops
Deepest peak-to-trough drop recorded within each calendar year.
Over the last 10 completed years, Nikkei 225 experienced an average intra-year drawdown of -15.9% lasting an average of 77 days peak-to-trough, with its deepest drawdown reaching -31.3% in 2020.
| Year | Max Intra-Year Drawdown | Peak High | Bottom Trough | Peak-to-Trough | Yearly Return |
|---|---|---|---|---|---|
| 2025 | -22.32%Bear Market | Jan 7, 2025 40,083.30 | Apr 7, 2025 31,136.60 | 90 days | +26.18% |
| 2024 | -25.50%Bear Market | Jul 11, 2024 42,224.00 | Aug 5, 2024 31,458.40 | 25 days | +19.22% |
| 2023 | -9.56%Pullback | Jul 3, 2023 33,753.30 | Oct 4, 2023 30,526.90 | 93 days | +28.24% |
| 2022 | -15.73%Correction | Jan 5, 2022 29,332.20 | Mar 9, 2022 24,717.50 | 63 days | -9.37% |
| 2021 | -11.34%Correction | Feb 16, 2021 30,467.80 | Aug 20, 2021 27,013.20 | 185 days | +4.91% |
| 2020 | -31.27%Bear Market | Jan 20, 2020 24,083.50 | Mar 19, 2020 16,552.80 | 59 days | +16.01% |
| 2019 | -9.17%Pullback | Apr 25, 2019 22,307.60 | Aug 26, 2019 20,261.00 | 123 days | +18.20% |
| 2018 | -21.07%Bear Market | Oct 2, 2018 24,270.60 | Dec 25, 2018 19,155.70 | 84 days | -12.08% |
| 2017 | -6.61%Pullback | Mar 13, 2017 19,633.80 | Apr 14, 2017 18,335.60 | 32 days | +19.10% |
| 2016 | -6.85%Pullback | Oct 28, 2016 17,446.40 | Nov 9, 2016 16,251.50 | 12 days | +12.71% |
Nikkei 225 Historical Maximum Drawdown & Bear Market History
Historical Maximum Drawdowns & Major Crashes
The Nikkei 225 represents the quintessential case study of a multi-decade secular drawdown. At the zenith of the Japanese asset price bubble on December 29, 1989, the index reached an all-time closing high of 38,915.87. Over the subsequent two decades, prolonged deflation, banking crises, and corporate debt unwinding drove the Nikkei to a generational trough of 7,054.98 in March 2009—a catastrophic -81.9% peak-to-trough decline that erased trillions in market value.
Typical Pullback Frequency
Following the 2012 launch of "Abenomics" and prolonged Bank of Japan monetary stimulus, the Nikkei transitioned into a cyclical growth regime. Pullbacks of -8% to -15% are customary during global growth decelerations and Japanese yen sharp appreciations. However, its historical legacy highlights that equity indexes can remain submerged in deep drawdowns for decades when valuation bubbles coincide with structural demographic and balance-sheet contractions.
Historical Recovery Timelines
The Nikkei 225 recovery from its 1989 peak stands as one of the longest in modern financial history. It required 34 years and 54 days (over 12,400 days) for the index to finally surpass its 1989 peak, successfully establishing a new all-time high on February 22, 2024. In contrast, intermediate postwar pullbacks typically resolved within 12 to 18 months, underscoring how bubble valuations can distort recovery timelines across generations.