T he 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).
日本上一次的日本225股票指数与今天一样高，苏联正在崩溃，互联网已经起步了，Akihito皇帝刚刚登上了Chrysanthemum Throne。现在，日本的股票仅比其历史最高高的五分之五，该股票是1989年12月的，这是日本泡沫时代的绝对顶峰（请参阅图表）。
