Inflation-Adjusted Japan ETF (EWJ)

The iShares MSCI Japan ETF (EWJ) provides exposure to large and mid-cap Japanese stocks across various sectors, tracking the MSCI Japan Index.

While nominal investment returns may appear impressive over decades, they often disguise inflation's impact on actual purchasing power. This page adjusts the historical price of EWJ for inflation, using the US Consumer Price Index to reveal its real performance over time.

Nominal prices are adjusted for stock splits and assume reinvestment of any dividends to reflect total return. Inflation-adjusted prices use June 2025 as the baseline (latest available CPI).

The current value of the iShares MSCI Japan ETF is 71.69 (as of the close of Jul 15, 2025), 4.77% lower than the all-time high of 75.28 (Jun 27, 2025).

While the nominal high reached 75.28, the inflation-adjusted peak value was 96.64 on April 26, 1996.

Since March 18, 1996, the inflation-adjusted total return for the ETF has been -19.05%, which is equivalent to an annual growth rate of -0.72%.

In nominal values, the total return since this date has been 67.7%, or an annualized rate of 1.78%.

Inflation-Adjusted Values by Month

This data presents the ETF's end-of-month closing levels over time. Inflation-adjusted figures show what past levels would be worth using roughly today's purchasing power (based on the latest CPI data). The latest entry in the table will have equal nominal and adjusted values until the next CPI figures are released.

Date	Inflation-Adjusted	Nominal value
Jul 2025	71.69	71.69
Jun 2025	74.97	74.97
May 2025	74.37	74.12
Apr 2025	71.82	71.43
Mar 2025	69.15	68.56
Feb 2025	69.22	68.47
Jan 2025	69.36	68.31
Dec 2024	68.58	67.1
Nov 2024	70.17	68.63
Oct 2024	68.5	67.04
Sep 2024	72.08	70.46
Aug 2024	72.63	70.88
Jul 2024	71.68	69.89
Jun 2024	69	67.21
May 2024	69.25	67.43
Apr 2024	67.66	65.77
Mar 2024	72.04	69.76
Feb 2024	70.24	67.58
Jan 2024	67.7	64.73
Dec 2023	65.94	62.71
Nov 2023	63.43	60.38
Oct 2023	59.61	56.86
Sep 2023	60.93	58.14
Aug 2023	62.45	59.44
Jul 2023	64.53	61.16
Jun 2023	63.11	59.69
May 2023	60.28	56.84
Apr 2023	59.92	56.36
Mar 2023	60.07	56.21
Feb 2023	57.45	53.58
Jan 2023	60.59	56.19
Dec 2022	56.67	52.14
Nov 2022	57.78	53.33
Oct 2022	51.71	47.77
Sep 2022	50.73	46.68
Aug 2022	55.78	51.21
Jul 2022	58.42	53.66
Jun 2022	54.96	50.49
May 2022	60.17	54.52
Apr 2022	59.79	53.59
Mar 2022	65.43	58.32
Feb 2022	67.73	59.58
Jan 2022	69.59	60.65
Dec 2021	73.33	63.38
Nov 2021	71.93	61.98
Oct 2021	74.54	63.91
Sep 2021	77.19	65.64
Aug 2021	75.36	63.91
Jul 2021	74.09	62.71
Jun 2021	74.93	63.11
May 2021	76.23	63.62
Apr 2021	75.54	62.54
Mar 2021	77.4	63.56
Feb 2021	77.61	63.28
Jan 2021	76.63	62.14
Dec 2020	77.61	62.67
Nov 2020	73.75	59.5
Oct 2020	66.66	53.81
Sep 2020	67.64	54.58
Aug 2020	66.53	53.61
Jul 2020	62.5	50.2
Jun 2020	63.5	50.75
May 2020	63.91	50.8
Apr 2020	59.7	47.45
Mar 2020	56.59	45.28
Feb 2020	60.54	48.55
Jan 2020	66.2	52.94
Dec 2019	68.17	54.31
Nov 2019	67.53	53.85
Oct 2019	66.64	53.17
Sep 2019	64.59	51.41
Aug 2019	61.43	48.86
Jul 2019	61.91	49.25
Jun 2019	62.28	49.46
May 2019	59.63	47.34
Apr 2019	62.82	49.77
Mar 2019	62.35	49.14
Feb 2019	62.29	48.82
Jan 2019	62.46	48.74
Dec 2018	58.44	45.52
Nov 2018	63.11	49.32
Oct 2018	62.33	48.87
Sep 2018	68.58	53.67
Aug 2018	66.37	51.88
Jul 2018	66.76	52.16
Jun 2018	66.06	51.61
May 2018	67.73	52.83
Apr 2018	69.04	53.63
Mar 2018	69.36	53.66
Feb 2018	69.96	54.01
Jan 2018	72.43	55.66
Dec 2017	69.34	53
Nov 2017	68.83	52.63
Oct 2017	67.38	51.53
Sep 2017	63.96	48.94
Aug 2017	63.15	48.07
Jul 2017	63.39	48.11
Jun 2017	62.07	47.13
May 2017	61.31	46.52
Apr 2017	59.72	45.27
Mar 2017	59.48	44.96
Feb 2017	59.22	44.72
Jan 2017	58.64	44.15
Dec 2016	56.99	42.65
Nov 2016	57.54	43.06
Oct 2016	58.18	43.6
Sep 2016	57.84	43.29
Aug 2016	56.77	42.39
Jul 2016	55.81	41.63
Jun 2016	53.13	39.7
May 2016	54.22	40.38
Apr 2016	52.74	39.12
Mar 2016	52.94	39.08
Feb 2016	50.74	37.3
Jan 2016	53.63	39.39
Dec 2015	56.62	41.51
Nov 2015	57.22	42.1
Oct 2015	56.82	41.9
Sep 2015	52.69	38.87
Aug 2015	55.79	41.22
Jul 2015	59.43	43.97
Jun 2015	58.88	43.56
May 2015	59.89	44.16
Apr 2015	59.32	43.51
Mar 2015	57.92	42.4
Feb 2015	57.43	41.79
Jan 2015	53.66	38.88
Dec 2014	52.24	38.03
Nov 2014	53.39	39.09
Oct 2014	55.11	40.57
Sep 2014	53.65	39.59
Aug 2014	53.83	39.69
Jul 2014	54.65	40.36
Jun 2014	54.81	40.5
May 2014	52.45	38.69
Apr 2014	50.36	37.02
Mar 2014	51.67	37.85
Feb 2014	53.29	38.79
Jan 2014	52.2	37.85
Dec 2013	56.14	40.56
Nov 2013	55.35	39.99
Oct 2013	54.55	39.49
Sep 2013	54.45	39.53
Aug 2013	49.71	36.05
Jul 2013	51.38	37.21
Jun 2013	51.4	37.21
May 2013	49.56	35.79
Apr 2013	53.59	38.63
Mar 2013	49.41	35.66
Feb 2013	46.84	33.71
Jan 2013	46.11	32.92
Dec 2012	45.23	32.19
Nov 2012	42.71	30.48
Oct 2012	41.27	29.6
Sep 2012	41.76	29.96
Aug 2012	41.44	29.6
Jul 2012	41.35	29.37
Jun 2012	43.21	30.74
May 2012	40.38	28.77
Apr 2012	44.19	31.52
Mar 2012	46.32	32.94
Feb 2012	45.8	32.33
Jan 2012	43.98	30.9
Dec 2011	42.14	29.48
Nov 2011	43	30.16
Oct 2011	42.83	30.06
Sep 2011	43.01	30.25
Aug 2011	44.85	31.5
Jul 2011	48.9	34.25
Jun 2011	47.67	33.36
May 2011	46.48	32.56
Apr 2011	47.88	33.39
Mar 2011	47.23	32.72
Feb 2011	53.28	36.56
Jan 2011	50.76	34.65
Dec 2010	50.91	34.59
Nov 2010	47.68	32.34
Oct 2010	46.54	31.55
Sep 2010	45.99	31.15
Aug 2010	43.64	29.54
Jul 2010	44.87	30.33
Jun 2010	42.88	28.97
May 2010	43.96	29.74
Apr 2010	48.07	32.49
Mar 2010	48.38	32.64
Feb 2010	46.26	31.08
Jan 2010	45.8	30.77
Dec 2009	45.49	30.46
Nov 2009	44.18	29.63
Oct 2009	44.16	29.6
Sep 2009	46.01	30.81
Aug 2009	47.34	31.67
Jul 2009	45.82	30.59
Jun 2009	43.7	29.22
May 2009	43.57	28.88
Apr 2009	39.68	26.23
Mar 2009	36.93	24.35
Feb 2009	34.53	22.72
Jan 2009	39.7	25.99
Dec 2008	45.31	29.53
Nov 2008	40.21	26.48
Oct 2008	40.98	27.52
Sep 2008	48.05	32.59
Aug 2008	51.36	34.89
Jul 2008	53.8	36.69
Jun 2008	56.2	38.13
May 2008	61.35	41.2
Apr 2008	60.68	40.41
Mar 2008	56.86	37.64
Feb 2008	58.1	38.13
Jan 2008	59.15	38.71
Dec 2007	62.11	40.44
Nov 2007	65.04	42.38
Oct 2007	66.77	43.25
Sep 2007	66.82	43.19
Aug 2007	65.75	42.38
Jul 2007	67.3	43.46
Jun 2007	67.66	43.7
May 2007	68.21	43.97
Apr 2007	67.12	43.01
Mar 2007	68.93	43.88
Feb 2007	70.47	44.46
Jan 2007	68.68	43.1
Dec 2006	68.41	42.8
Nov 2006	66.12	41.3
Oct 2006	66.02	41.3
Sep 2006	64.38	40.49
Aug 2006	64.86	41
Jul 2006	64.33	40.58
Jun 2006	64.85	40.79
May 2006	66.69	41.87
Apr 2006	70.86	44.26
Mar 2006	69.53	43.07
Feb 2006	67	41.27
Jan 2006	68.2	41.93
Dec 2005	66.27	40.43
Nov 2005	60.57	37.11
Oct 2005	58.4	36.06
Sep 2005	58.9	36.3
Aug 2005	54.44	33.15
Jul 2005	50.39	30.53
Jun 2005	50.08	30.2
May 2005	50.01	30.14
Apr 2005	50.6	30.53
Mar 2005	52.13	31.24
Feb 2005	54.14	32.19
Jan 2005	53.35	31.54
Dec 2004	55.12	32.52
Nov 2004	51.64	30.58
Oct 2004	49.77	29.45
Sep 2004	48.87	28.77
Aug 2004	50.39	29.6
Jul 2004	49.71	29.19
Jun 2004	53.56	31.5
May 2004	50.54	29.63
Apr 2004	51.6	30.08
Mar 2004	55.49	32.24
Feb 2004	49.89	28.8
Jan 2004	49.9	28.65
Dec 2003	50.04	28.59
Nov 2003	46.45	26.57
Oct 2003	47.78	27.4
Sep 2003	45.25	25.98
Aug 2003	43.01	24.61
Jul 2003	39.53	22.54
Jun 2003	37.86	21.56
May 2003	35.4	20.14
Apr 2003	33.36	19.01
Mar 2003	33.55	19.16
Feb 2003	35.73	20.28
Jan 2003	35.64	20.08
Dec 2002	36.75	20.61
Nov 2002	37.78	21.23
Oct 2002	36.46	20.49
Sep 2002	38.74	21.74
Aug 2002	41.34	23.16
Jul 2002	41.75	23.31
Jun 2002	44.82	25
May 2002	47.67	26.57
Apr 2002	44.9	25.03
Mar 2002	43.55	24.14
Feb 2002	40.19	22.15
Jan 2002	38.57	21.17
Dec 2001	41.74	22.86
Nov 2001	45.19	24.85
Oct 2001	45.16	24.88
Sep 2001	45.07	24.91
Aug 2001	49.26	27.11
Jul 2001	50.66	27.88
Jun 2001	54.98	30.34
May 2001	58.62	32.29
Apr 2001	60.67	33.27
Mar 2001	55.59	30.37
Feb 2001	57.3	31.23
Jan 2001	60.09	32.62
Dec 2000	60.82	32.81
Nov 2000	64.56	34.85
Oct 2000	69.75	37.63
Sep 2000	72.97	39.29
Aug 2000	77.15	41.33
Jul 2000	72.41	38.79
Jun 2000	81.65	43.64
May 2000	77.69	41.3
Apr 2000	82.51	43.82
Mar 2000	89.33	47.41
Feb 2000	82.9	43.64
Jan 2000	84.42	44.18
Dec 1999	89.83	46.87
Nov 1999	83.39	43.51
Oct 1999	81.04	42.26
Sep 1999	76.39	39.76
Aug 1999	73.66	38.16
Jul 1999	73.92	38.2
Jun 1999	68.97	35.54
May 1999	62.42	32.16
Apr 1999	66.21	34.11
Mar 1999	63.91	32.69
Feb 1999	56.44	28.78
Jan 1999	58.6	29.85
Dec 1998	57.35	29.14
Nov 1998	55.91	28.43
Oct 1998	54.17	27.54
Sep 1998	44.84	22.74
Aug 1998	44.19	22.39
Jul 1998	52.96	26.8
Jun 1998	55.13	27.86
May 1998	54.5	27.51
Apr 1998	58.12	29.28
Mar 1998	56.11	28.22
Feb 1998	63.29	31.76
Jan 1998	62.7	31.41
Dec 1997	56.07	28.04
Nov 1997	59.54	29.81
Oct 1997	63.75	31.94
Sep 1997	70.66	35.31
Aug 1997	71.55	35.67
Jul 1997	79.5	39.56
Jun 1997	80.67	40.09
May 1997	76.48	37.96
Apr 1997	69.64	34.59
Mar 1997	65.8	32.64
Feb 1997	68.83	34.06
Jan 1997	67.61	33.35
Dec 1996	75.4	37.07
Nov 1996	81.53	40.09
Oct 1996	79.88	39.2
Sep 1996	85.93	42.04
Aug 1996	83.3	40.62
Jul 1996	88.19	42.93
Jun 1996	92.74	45.05
May 1996	91.71	44.52
Apr 1996	96.27	46.65
Mar 1996	92.24	44.52

Returns from Investing in the iShares MSCI Japan ETF

How much did an investment in the EWJ ETF really grow each year after accounting for inflation? The following chart contains the inflation-adjusted real annual percentage returns.

Detailed Annual Returns (Adjusted vs. Nominal)

The table below shows the returns for the iShares MSCI Japan ETF by year, both inflation-adjusted and nominal. You can sort any column by clicking on the header.

Observe how inflation erodes nominal gains, sometimes resulting in a negative real return even when the ETF nominally increased, as in 2021.

Year	Inflation-Adjusted Return	Nominal Return
2024	4%	7%
2023	16.36%	20.26%
2022	-22.72%	-17.73%
2021	-5.52%	1.13%
2020	13.84%	15.39%
2019	16.65%	19.31%
2018	-15.72%	-14.11%
2017	21.69%	24.26%
2016	0.65%	2.74%
2015	8.37%	9.16%
2014	-6.93%	-6.23%
2013	24.12%	25.99%
2012	7.33%	9.2%
2011	-17.23%	-14.77%
2010	11.91%	13.58%
2009	0.4%	3.13%
2008	-27.05%	-26.98%
2007	-9.22%	-5.51%
2006	3.23%	5.85%
2005	20.23%	24.33%
2004	10.15%	13.74%
2003	36.17%	38.73%
2002	-11.95%	-9.86%
2001	-31.37%	-30.31%
2000	-32.3%	-30.01%
1999	56.65%	60.85%
1998	2.28%	3.93%
1997	-25.64%	-24.37%

Ishares Msci Japan Etf: Average Annualized Returns

Annualized returns show the average rate of growth per year, making it easier to compare performance across different time periods. While nominal returns indicate the headline growth, adjusting for inflation reveals the actual change in purchasing power.

This table presents both nominal and inflation-adjusted average annual returns for the iShares MSCI Japan over various trailing periods ending June 30, 2025, offering a clearer view of long-term, real investment performance.

Period	Avg. Annual Return (Inflation-Adjusted)	Avg. Annual Return (Nominal)
Last 1 year	8.65%	11.55%
Last 3 years	10.9%	14.09%
Last 5 years	3.38%	8.12%
Last 10 years	2.44%	5.58%
Last 20 years	2.04%	4.65%

Real Returns of Investing in the iShares MSCI Japan

The chart and table below show the nominal and inflation-adjusted value of a hypothetical $100 investment over various long-term historical periods, ending in June 2025.

The inflation-adjusted line, in green, represents the real increase in purchasing power for the initial investment. Observe the gap between both lines, which illustrates the cumulative effect of inflation over time.

Even over just five years, inflation takes a noticeable bite out of investments. Investing $100 in the iShares MSCI Japan five years ago yielded an 54.41% nominal gain, but the real return (the actual increase in buying power) was 23.83%.

As investment periods get longer, the difference between reported nominal returns and the inflation-adjusted gains usually becomes much greater due to the compounding effect of inflation over time.

Investment Period	What $100 Grew To (Nominal)	Total Nominal Return (%)	Total Inflation-Adjusted Return (%)
Last 5 years Feb 2020 - Jun 2025	$154.41	54.41%	23.83%
Last 10 years Feb 2015 - Jun 2025	$179.41	79.41%	30.55%
Last 25 years Feb 2000 - Jun 2025	$171.8	71.8%	-9.56%

About the iShares MSCI Japan ETF

The iShares MSCI Japan ETF (EWJ) is an exchange-traded fund managed by BlackRock that seeks to track the performance of the MSCI Japan Index. Launched in March 1996, EWJ was one of the first country-specific ETFs and provides investors with broad exposure to the Japanese equity market. The fund includes large and mid-cap Japanese companies across various sectors, offering a convenient way for investors to gain diversified exposure to Japan's economy and stock market through a single US-listed security.

Last Close Jul 15, 2025	71.69
Highest Jun 27, 2025	75.28
Highest, Inflation-Adjusted Apr 26, 1996	96.64
Annualized return Since Mar 18, 1996	1.78%
Annualized return, Inflation-Adjusted Since Mar 18, 1996	-0.72%