Having been the prime example of how not to run an economy for so many years, Japan's stock market seems to be on another upturn. But with this one be as fleeting as the last?
It was a seminal moment for global capitalism. In August 1986, Tokyo overtook Wall Street to become the world's biggest equity market. On this measure, Japan had become the most powerful economy, eclipsing the US and Europe, and for the next three years Japanese equities were the asset class of choice for international investors. Wall Street's 1987 crash barely registered in Tokyo and the Nikkei Index continued to rise until December 1989 when it hit 38,915.87. At this point, the Japanese market was worth 74% more than Wall Street. Things are different today. After a bear market of such s...
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