What Is the Nikkei 225 and How Is Japan’s Stock Index Calculated?

Japan's market spent more than three decades below its 1989 bubble peak, then more than doubled in the 2020s. The Nikkei 225 is the index most people mean when they talk about that story.

What people on X are asking

On November 6, 2026 a trader asked why Japan's market was crashing that day, noting a drop of about 6% and a break below 60,000. In July a post asked why the Nikkei 225 was under heavy selling pressure, and in April a user asked why the KOSPI and Nikkei 225 closed red while US indices were up. To answer those, it helps to know how the index is built and where it has been.

The fact-checked answer

UXS chart

Nikkei 225 since 1985 (log scale)

Nikkei 225: latest

60,460

November 10, 2026

Highest in chart period

72,366

June 25, 2026

Lowest in chart period

7,054.98

March 10, 2009

Change over 1 year

+18.8%

vs November 10, 2025

Source: FRED, Federal Reserve Bank of St. Louis (FRED NIKKEI225). Retrieved November 10, 2026. Chart computed and drawn by UXS from the raw series. Daily closing values from Nikkei Inc., published by FRED. Log scale so that percentage moves look the same size at any level. Download the data (CSV)

Year by year: Nikkei 225

Computed by UXS from the same data as the chart. Tap a column header to sort. * = year to date (latest data November 10, 2026).

Year	Nikkei 225: last value	Change vs prior year	Year high	Year low
2026*	60,460	+20.1%	72,366	51,064
2025	50,339	+26.2%	52,411	31,137
2024	39,895	+19.2%	42,224	31,458
2023	33,464	+28.2%	33,753	25,717
2022	26,094	-9.4%	29,332	24,718
2021	28,792	+4.9%	30,670	27,013
2020	27,444	+16.0%	27,568	16,553
2019	23,657	+18.2%	24,066	19,562
2018	20,015	-12.1%	24,271	19,156
2017	22,765	+19.1%	22,939	18,336
2016	19,114	+0.4%	19,495	14,952
2015	19,034	+9.1%	20,868	16,796
2014	17,451	+7.1%	17,936	13,910
2013	16,291	+56.7%	16,291	10,487
2012	10,395	+22.9%	10,395	8,295.63

How it is built. Nikkei Inc. describes the Nikkei 225 as a price-weighted equity index of 225 stocks in the Prime Market of the Tokyo Stock Exchange. It is calculated in real time, every five seconds, and has been published since September 1950 with history back to May 1949. Price-weighted means each stock counts according to its share price (adjusted by a divisor), not its total market value. A company with a high share price can move the index more than a larger company with a low share price. That is the same approach as the Dow Jones, and it differs from cap-weighted indices like the S&P 500 or Japan's TOPIX.

The lost decades. The index closed 1989 at 38,915.87 after a property and stock bubble. It ended 1990 near 23,849, fell to 7,608 in April 2003 and to 7,054.98 on March 10, 2009. Japanese investors who bought at the 1989 peak waited 34 years to see the index above that level again.

The 2020s run. The Nikkei ended 2022 at about 26,095, 2023 at 33,464 and 2024 at 39,895. It first closed above the 1989 peak on February 22, 2024. It gained about 26% in 2025 to end the year at 50,339 and reached a record 72,366.34 on June 25, 2026. Commonly cited reasons include a weak yen that boosted exporters' profits in yen terms (see why the yen has been weak), corporate-governance reforms that pushed companies to raise returns and buy back shares, and foreign investors rotating into Japan.

The November 2026 drop. After the June peak the index weakened, and on November 6, 2026 it fell 6.0% in a day to 57,434.77, about 20.6% below the record, which meets the common definition of a bear market. It rebounded to 60,459.58 by November 10. Rising Japanese bond yields, a stronger yen and global selling in technology-related stocks all weigh on the index; a stronger yen in particular reduces exporters' profits in yen.

Nikkei 225 key dates (closing values)

From FRED NIKKEI225 (Nikkei Inc.). Computed changes by UXS. Tap a column header to sort.

Date	Level	What happened
Dec 29, 1989	38,915.87	Bubble-era peak
Apr 28, 2003	7,607.88	Post-bubble low
Mar 10, 2009	7,054.98	Global financial crisis low
Feb 22, 2024	39,098.68	First close above the 1989 peak
Dec 30, 2025	50,339.48	Year-end, up about 26% in 2025
Jun 25, 2026	72,366.34	Record close
Nov 6, 2026	57,434.77	−6.0% day; about 20.6% below the record

Why the Nikkei moves differently from US indices. Tokyo trades while the US is closed, so it often reacts to the previous US session and then to Asian news. Its returns in dollars also depend on the yen: a strong Nikkei in yen terms can look much weaker to a dollar investor if the yen falls. That is why the April 2026 question about Asian markets falling while US indices rose often has a currency or time-zone answer.

How to get exposure. Investors use Nikkei 225 futures and options on Japanese and other exchanges, ETFs listed in Tokyo and abroad, or broad Japan funds that track TOPIX. Currency-hedged versions remove the yen effect. Check fees, the index tracked and whether returns are hedged.

Decision helper

Common mistakes

• Ignoring that the index is price-weighted and concentrated in high-priced shares.
• Forgetting the yen when comparing returns with US indices.
• Assuming a record high means the 1989-style bubble risk is gone.
• Using leverage around Bank of Japan decisions without a plan.

FAQ

What is the Nikkei 225?

A price-weighted index of 225 stocks in the Tokyo Stock Exchange Prime Market, calculated by Nikkei Inc.

What was the Nikkei's 1989 peak?

38,915.87 on December 29, 1989.

When did the Nikkei beat its 1989 high?

It first closed above it on February 22, 2024.

What is the Nikkei's record high?

72,366.34 on June 25, 2026 (closing basis).

Why did the Nikkei fall in November 2026?

On November 6 it dropped 6.0%, leaving it about 20.6% below its record; currency moves, bond yields and global tech selling are common factors.

What is the difference between the Nikkei and TOPIX?

The Nikkei 225 is price-weighted with 225 stocks; TOPIX is weighted by market value and covers many more companies.