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MarketsEvent 2024.02.22

The Nikkei 225’s return to its prior high and the choice of index

Identify the trading day when the Nikkei broke its closing record and distinguish price indexes from total return indexes.

Updated Nov 7, 2026

Does a price index regaining its peak mean every investor broke even on the same day?
Verified facts

The day the Nikkei surpassed its previous closing high

According to index provider Nikkei, the Nikkei average closed at 39,098.68 on 2024-02-22, exceeding its previous closing high of 38,915.87 from 1989-12-29. The event date is the trading day rather than the newsletter publication date.

Sources [1]
Interpretation

Price and total return indexes measure recovery differently

The milestone concerns a price index denominated in yen. A separate total return index includes reinvested dividends, so finding its recovery date requires comparing the peak and closes in that series.

Sources [1][2]
Limitations

The record does not predict another market’s recovery time

The date records a milestone for a particular index and closing basis. Investor returns after currency effects and costs, recovery of individual stocks and the future KOSPI path require separate analysis.

Sources [1][2]

Sources

  1. Nikkei Indexes | Nikkei average monthly report (2024-02)Accessed Nov 7, 2026
  2. Nikkei Indexes | Nikkei 225 Total Return Index profileAccessed Nov 7, 2026

Related learning notes

Market Analysis: Why a U-shaped Recovery May Be More Likely Than a V-shaped ReboundThe Nikkei’s recovery records a closing milestone for a yen price index. Use it to distinguish intraday prices, closing prices and dividend reinvestment when evaluating a semiconductor rebound.The index always recovers, but some stocks never come back | Executive Director Park Se-ik and Chesley study leads Im, Burger, and Top End [Byeoljubujeon / 26.11.07 Sat.]Use the Nikkei 225’s return to a record close to identify what recovery means for a price index. The date can differ for an index that includes dividends or an account holding an individual stock.KOSPI down 45%: what happens to stocks next? | Park Jong-hoonCompare the video’s discussion of recovery times with Nikkei’s closing record and see why dividend treatment changes what a recovery means.