It took Japan's stock market 34 YEARS to recover from its 1989 peak: In December 1989, the Nikkei 225 closed at a record 38,916, and Japan made up ~45% of global stock market value. Then the bubble burst, and by March 2009 the index had fallen -82% to ~7,055. The Nikkei did not set a new all-time high until February 2024, more than 34 years later. Today, it trades near 68,871, roughly +77% above its 1989 peak. In other words, an investor who bought at the top waited over three decades just to break even.