Japan’s stockmarket rally may disappoint investors
Governance has improved; growth is still missing
The last time Japan’s Nikkei 225 stock index was as high as it is today, the Soviet Union was collapsing, the internet was in its infancy and Emperor Akihito had just ascended to the Chrysanthemum throne. Japanese stocks are now only a fifth short of their all-time high, which was set in December 1989—at the absolute zenith of Japan’s bubble-era exuberance (see chart).
This article appeared in the Finance & economics section of the print edition under the headline “Growth problems”
Finance & economics June 10th 2023
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