– What happened in Japan in late 1980s that NIKKEI has still not recovered from the fall?
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Another thing to note is that the nominal peak of most stock indices is eventually going to be eclipsed even in ordinary times just due to inflation and population growth. Higher nominal prices and more people means higher valuations for companies even if they’re not really doing anything differently.
However, Japan since the late 80s has had both very low inflation (including periodic bouts of deflation) and a flat or even declining population. This makes it a lot harder to pump the market back to where it was during the peak of what u/tacetabbad0n points out was a bubble.
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