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 February 2026 as the baseline (latest available CPI).

The current value of the iShares MSCI Japan ETF is 83.36 (as of the close of Mar 13, 2026), 11.29% lower than the all-time high of 93.97 (Feb 11, 2026).

Since March 18, 1996, the inflation-adjusted total return for the ETF has been -2.97%, which is equivalent to an annual growth rate of -0.1%.

In nominal values, the total return since this date has been 103.66%, or an annualized rate of 2.4%.

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
Mar 2026 83.36 83.36
Feb 2026 92.37 92.37
Jan 2026 86.12 85.72
Dec 2025 81.42 80.74
Nov 2025 80.78 80.12
Oct 2025 80.54 80.54
Sep 2025 77.89 77.42
Aug 2025 76.21 75.55
Jul 2025 71.88 71.06
Jun 2025 73.31 72.36
May 2025 72.14 70.97
Apr 2025 69.67 68.39
Mar 2025 67.08 65.65
Feb 2025 67.14 65.56
Jan 2025 67.28 65.41
Dec 2024 66.52 64.25
Nov 2024 68.07 65.72
Oct 2024 66.45 64.19
Sep 2024 69.92 67.46
Aug 2024 70.45 67.87
Jul 2024 69.53 66.92
Jun 2024 66.93 64.35
May 2024 67.18 64.56
Apr 2024 65.63 62.97
Mar 2024 69.88 66.79
Feb 2024 68.14 64.7
Jan 2024 65.67 61.98
Dec 2023 63.97 60.04
Nov 2023 61.53 57.81
Oct 2023 57.82 54.44
Sep 2023 59.1 55.67
Aug 2023 60.58 56.92
Jul 2023 62.6 58.56
Jun 2023 61.22 57.16
May 2023 58.47 54.42
Apr 2023 58.13 53.96
Mar 2023 58.27 53.82
Feb 2023 55.73 51.3
Jan 2023 58.77 53.81
Dec 2022 54.97 49.93
Nov 2022 56.05 51.06
Oct 2022 50.16 45.74
Sep 2022 49.21 44.7
Aug 2022 54.11 49.04
Jul 2022 56.67 51.38
Jun 2022 53.31 48.34
May 2022 58.36 52.2
Apr 2022 58 51.32
Mar 2022 63.47 55.84
Feb 2022 65.7 57.04
Jan 2022 67.5 58.08
Dec 2021 71.13 60.69
Nov 2021 69.77 59.35
Oct 2021 72.3 61.2
Sep 2021 74.88 62.85
Aug 2021 73.1 61.2
Jul 2021 71.87 60.04
Jun 2021 72.68 60.43
May 2021 73.94 60.91
Apr 2021 73.28 59.88
Mar 2021 75.08 60.86
Feb 2021 75.28 60.59
Jan 2021 74.33 59.5
Dec 2020 75.28 60.01
Nov 2020 71.54 56.97
Oct 2020 64.67 51.53
Sep 2020 65.61 52.26
Aug 2020 64.54 51.33
Jul 2020 60.62 48.07
Jun 2020 61.59 48.59
May 2020 61.99 48.64
Apr 2020 57.91 45.44
Mar 2020 54.89 43.36
Feb 2020 58.73 46.49
Jan 2020 64.22 50.69
Dec 2019 66.13 52
Nov 2019 65.51 51.56
Oct 2019 64.65 50.91
Sep 2019 62.65 49.23
Aug 2019 59.59 46.78
Jul 2019 60.06 47.15
Jun 2019 60.41 47.35
May 2019 57.84 45.33
Apr 2019 60.94 47.65
Mar 2019 60.49 47.05
Feb 2019 60.43 46.74
Jan 2019 60.59 46.67
Dec 2018 56.69 43.59
Nov 2018 61.22 47.22
Oct 2018 60.47 46.79
Sep 2018 66.53 51.39
Aug 2018 64.38 49.68
Jul 2018 64.76 49.94
Jun 2018 64.08 49.41
May 2018 65.7 50.58
Apr 2018 66.97 51.35
Mar 2018 67.28 51.38
Feb 2018 67.87 51.71
Jan 2018 70.26 53.29
Dec 2017 67.27 50.75
Nov 2017 66.76 50.4
Oct 2017 65.36 49.34
Sep 2017 62.05 46.86
Aug 2017 61.26 46.02
Jul 2017 61.5 46.06
Jun 2017 60.21 45.13
May 2017 59.48 44.54
Apr 2017 57.93 43.35
Mar 2017 57.7 43.05
Feb 2017 57.44 42.82
Jan 2017 56.88 42.27
Dec 2016 55.28 40.84
Nov 2016 55.82 41.23
Oct 2016 56.43 41.75
Sep 2016 56.1 41.45
Aug 2016 55.07 40.59
Jul 2016 54.13 39.86
Jun 2016 51.54 38.01
May 2016 52.6 38.67
Apr 2016 51.16 37.45
Mar 2016 51.35 37.42
Feb 2016 49.22 35.72
Jan 2016 52.02 37.72
Dec 2015 54.92 39.75
Nov 2015 55.5 40.31
Oct 2015 55.12 40.12
Sep 2015 51.11 37.22
Aug 2015 54.11 39.46
Jul 2015 57.65 42.1
Jun 2015 57.12 41.71
May 2015 58.1 42.28
Apr 2015 57.55 41.66
Mar 2015 56.18 40.59
Feb 2015 55.71 40.01
Jan 2015 52.05 37.23
Dec 2014 50.68 36.42
Nov 2014 51.79 37.42
Oct 2014 53.46 38.84
Sep 2014 52.04 37.91
Aug 2014 52.21 38
Jul 2014 53.01 38.65
Jun 2014 53.17 38.78
May 2014 50.88 37.04
Apr 2014 48.86 35.44
Mar 2014 50.12 36.24
Feb 2014 51.69 37.14
Jan 2014 50.63 36.24
Dec 2013 54.45 38.83
Nov 2013 53.69 38.29
Oct 2013 52.91 37.82
Sep 2013 52.82 37.85
Aug 2013 48.22 34.51
Jul 2013 49.84 35.62
Jun 2013 49.86 35.62
May 2013 48.07 34.27
Apr 2013 51.98 36.99
Mar 2013 47.93 34.14
Feb 2013 45.43 32.28
Jan 2013 44.73 31.52
Dec 2012 43.87 30.82
Nov 2012 41.43 29.18
Oct 2012 40.04 28.34
Sep 2012 40.51 28.68
Aug 2012 40.2 28.34
Jul 2012 40.11 28.12
Jun 2012 41.92 29.44
May 2012 39.17 27.55
Apr 2012 42.86 30.18
Mar 2012 44.94 31.54
Feb 2012 44.43 30.95
Jan 2012 42.66 29.59
Dec 2011 40.88 28.23
Nov 2011 41.71 28.88
Oct 2011 41.54 28.78
Sep 2011 41.72 28.97
Aug 2011 43.51 30.16
Jul 2011 47.44 32.8
Jun 2011 46.24 31.94
May 2011 45.09 31.18
Apr 2011 46.45 31.97
Mar 2011 45.81 31.33
Feb 2011 51.69 35
Jan 2011 49.24 33.18
Dec 2010 49.38 33.12
Nov 2010 46.25 30.97
Oct 2010 45.14 30.21
Sep 2010 44.61 29.82
Aug 2010 42.34 28.28
Jul 2010 43.53 29.04
Jun 2010 41.59 27.74
May 2010 42.65 28.47
Apr 2010 46.63 31.11
Mar 2010 46.93 31.26
Feb 2010 44.87 29.76
Jan 2010 44.43 29.46
Dec 2009 44.13 29.16
Nov 2009 42.85 28.37
Oct 2009 42.84 28.34
Sep 2009 44.63 29.5
Aug 2009 45.92 30.33
Jul 2009 44.44 29.29
Jun 2009 42.4 27.98
May 2009 42.26 27.66
Apr 2009 38.49 25.12
Mar 2009 35.82 23.32
Feb 2009 33.5 21.75
Jan 2009 38.51 24.88
Dec 2008 43.95 28.28
Nov 2008 39 25.35
Oct 2008 39.76 26.35
Sep 2008 46.61 31.21
Aug 2008 49.82 33.4
Jul 2008 52.19 35.13
Jun 2008 54.52 36.51
May 2008 59.51 39.45
Apr 2008 58.86 38.69
Mar 2008 55.16 36.04
Feb 2008 56.36 36.51
Jan 2008 57.38 37.06
Dec 2007 60.25 38.72
Nov 2007 63.09 40.58
Oct 2007 64.77 41.41
Sep 2007 64.82 41.36
Aug 2007 63.78 40.58
Jul 2007 65.29 41.62
Jun 2007 65.63 41.85
May 2007 66.17 42.11
Apr 2007 65.11 41.18
Mar 2007 66.87 42.02
Feb 2007 68.36 42.57
Jan 2007 66.63 41.27
Dec 2006 66.36 40.98
Nov 2006 64.13 39.55
Oct 2006 64.04 39.55
Sep 2006 62.45 38.77
Aug 2006 62.92 39.26
Jul 2006 62.4 38.86
Jun 2006 62.91 39.06
May 2006 64.7 40.09
Apr 2006 68.73 42.38
Mar 2006 67.44 41.24
Feb 2006 64.99 39.52
Jan 2006 66.16 40.15
Dec 2005 64.29 38.72
Nov 2005 58.76 35.53
Oct 2005 56.65 34.53
Sep 2005 57.14 34.76
Aug 2005 52.81 31.74
Jul 2005 48.88 29.23
Jun 2005 48.58 28.91
May 2005 48.51 28.86
Apr 2005 49.08 29.23
Mar 2005 50.57 29.91
Feb 2005 52.52 30.83
Jan 2005 51.75 30.2
Dec 2004 53.47 31.14
Nov 2004 50.1 29.28
Oct 2004 48.28 28.2
Sep 2004 47.41 27.55
Aug 2004 48.88 28.34
Jul 2004 48.22 27.95
Jun 2004 51.96 30.16
May 2004 49.03 28.37
Apr 2004 50.06 28.8
Mar 2004 53.83 30.87
Feb 2004 48.4 27.58
Jan 2004 48.41 27.43
Dec 2003 48.54 27.38
Nov 2003 45.06 25.44
Oct 2003 46.35 26.24
Sep 2003 43.89 24.87
Aug 2003 41.72 23.57
Jul 2003 38.35 21.58
Jun 2003 36.72 20.64
May 2003 34.34 19.28
Apr 2003 32.36 18.2
Mar 2003 32.54 18.34
Feb 2003 34.66 19.42
Jan 2003 34.57 19.22
Dec 2002 35.65 19.73
Nov 2002 36.65 20.33
Oct 2002 35.37 19.62
Sep 2002 37.58 20.81
Aug 2002 40.11 22.18
Jul 2002 40.5 22.32
Jun 2002 43.48 23.94
May 2002 46.24 25.44
Apr 2002 43.56 23.97
Mar 2002 42.24 23.11
Feb 2002 38.98 21.21
Jan 2002 37.41 20.27
Dec 2001 40.49 21.89
Nov 2001 43.83 23.8
Oct 2001 43.81 23.82
Sep 2001 43.72 23.85
Aug 2001 47.78 25.95
Jul 2001 49.14 26.69
Jun 2001 53.33 29.05
May 2001 56.87 30.92
Apr 2001 58.85 31.86
Mar 2001 53.93 29.08
Feb 2001 55.58 29.9
Jan 2001 58.29 31.23
Dec 2000 58.99 31.41
Nov 2000 62.62 33.36
Oct 2000 67.66 36.03
Sep 2000 70.78 37.62
Aug 2000 74.84 39.58
Jul 2000 70.24 37.14
Jun 2000 79.2 41.78
May 2000 75.36 39.55
Apr 2000 80.04 41.96
Mar 2000 86.65 45.39
Feb 2000 80.41 41.78
Jan 2000 81.89 42.3
Dec 1999 87.14 44.88
Nov 1999 80.89 41.66
Oct 1999 78.61 40.46
Sep 1999 74.1 38.07
Aug 1999 71.45 36.54
Jul 1999 71.7 36.58
Jun 1999 66.9 34.03
May 1999 60.55 30.79
Apr 1999 64.23 32.66
Mar 1999 62 31.3
Feb 1999 54.75 27.56
Jan 1999 56.85 28.58
Dec 1998 55.63 27.9
Nov 1998 54.24 27.22
Oct 1998 52.54 26.37
Sep 1998 43.5 21.78
Aug 1998 42.87 21.44
Jul 1998 51.37 25.66
Jun 1998 53.48 26.68
May 1998 52.87 26.34
Apr 1998 56.38 28.04
Mar 1998 54.43 27.02
Feb 1998 61.39 30.41
Jan 1998 60.82 30.07
Dec 1997 54.39 26.85
Nov 1997 57.76 28.54
Oct 1997 61.84 30.58
Sep 1997 68.54 33.81
Aug 1997 69.4 34.15
Jul 1997 77.11 37.87
Jun 1997 78.25 38.38
May 1997 74.19 36.35
Apr 1997 67.56 33.12
Mar 1997 63.83 31.25
Feb 1997 66.77 32.61
Jan 1997 65.58 31.93
Dec 1996 73.14 35.5
Nov 1996 79.09 38.38
Oct 1996 77.48 37.53
Sep 1996 83.36 40.25
Aug 1996 80.8 38.89
Jul 1996 85.55 41.1
Jun 1996 89.96 43.14
May 1996 88.96 42.63
Apr 1996 93.39 44.67
Mar 1996 89.47 42.63

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 February 28, 2026, offering a clearer view of long-term, real investment performance.

Period Avg. Annual Return (Inflation-Adjusted) Avg. Annual Return (Nominal)
Last 1 year 37.57% 40.89%
Last 3 years 18.35% 21.66%
Last 5 years 4.18% 8.8%
Last 10 years 6.5% 9.97%
Last 20 years 1.77% 4.34%

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 September 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 27.77% nominal gain, but the real return (the actual increase in buying power) was 3.46%.

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 2021 - Sep 2025 $127.77 27.77% 3.46%
Last 10 years Feb 2016 - Sep 2025 $216.76 116.76% 58.24%
Last 25 years Feb 2001 - Sep 2025 $258.92 158.92% 40.14%

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
Mar 13, 2026
83.36
Highest
Feb 11, 2026
93.97
Highest, Inflation-Adjusted
Feb 11, 2026
93.97
Annualized return
Since Mar 18, 1996
2.4%
Annualized return, Inflation-Adjusted
Since Mar 18, 1996
-0.1%

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Other Inflation-Adjusted Data