Inflation-Adjusted Nikkei 225

The Nikkei 225 index tracks 225 large, publicly-owned companies traded on the Tokyo Stock Exchange (TSE). Its nominal value, however, doesn't account for inflation's effect on purchasing power in Japan.

This page presents the historical Nikkei 225 adjusted for inflation using the Japanese Consumer Price Index (CPI), providing its value in constant yen. Explore the charts and data below to compare nominal vs. inflation-adjusted returns and understand its real long-term performance.

For a different perspective, particularly for US dollar-based investors interested in the Japanese market, see the Japan Stock Market ETF (EWJ), which shows returns in US dollars adjusted by US inflation.

Adjusted prices baseline: May 2025 (latest available CPI).

The current value of the Nikkei 225 index is 39,678.02 (as of the close of Jul 15, 2025), 6.03% lower than the all-time high of 42,224.02 (Jul 11, 2024).

While the nominal high reached 42,224.02, the inflation-adjusted peak value was 49,609.96 on December 29, 1989.

Since January 4, 1955, the inflation-adjusted total return for the index has been 1,551%, which is equivalent to an annual growth rate of 4.06%.

In nominal values, the total return since this date has been 10,888%, or an annualized rate of 6.89%.

Inflation-Adjusted Values by Month

This data presents the Nikkei 225 index'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	39,678.02	39,678.02
Jun 2025	40,487.39	40,487.39
May 2025	37,965.1	37,965.1
Apr 2025	36,142.36	36,045.38
Mar 2025	35,841.96	35,617.56
Feb 2025	37,490.85	37,155.5
Jan 2025	39,786	39,572.49
Dec 2024	40,290.97	39,894.54
Nov 2024	38,833.24	38,208.03
Oct 2024	39,902.15	39,081.25
Sep 2024	38,929.34	37,919.55
Aug 2024	39,604.21	38,647.75
Jul 2024	40,253.98	39,101.82
Jun 2024	40,900.06	39,583.08
May 2024	39,805.22	38,487.9
Apr 2024	39,867.72	38,405.66
Mar 2024	42,101.7	40,369.44
Feb 2024	40,961.44	39,166.19
Jan 2024	37,949.98	36,286.71
Dec 2023	35,030.83	33,464.17
Nov 2023	35,021.82	33,486.89
Oct 2023	32,213.06	30,858.85
Sep 2023	33,537.5	31,857.62
Aug 2023	34,436.65	32,619.34
Jul 2023	35,086.6	33,172.22
Jun 2023	35,271.25	33,189.04
May 2023	32,856.95	30,887.88
Apr 2023	30,696.01	28,856.44
Mar 2023	30,029.09	28,041.48
Feb 2023	29,503.96	27,445.56
Jan 2023	29,180.24	27,327.11
Dec 2022	28,024.63	26,094.5
Nov 2022	30,095.61	27,968.99
Oct 2022	29,742.32	27,587.46
Sep 2022	28,125.89	25,937.21
Aug 2022	30,580.64	28,091.53
Jul 2022	30,383.42	27,801.64
Jun 2022	28,985.67	26,393.04
May 2022	29,959.54	27,279.8
Apr 2022	29,572.36	26,847.9
Mar 2022	30,765.92	27,821.43
Feb 2022	29,450.83	26,526.82
Jan 2022	30,097.92	27,001.98
Dec 2021	32,156.97	28,791.71
Nov 2021	31,073.65	27,821.76
Oct 2021	32,334.35	28,892.69
Sep 2021	32,895.17	29,452.66
Aug 2021	31,498.58	28,089.54
Jul 2021	30,594.82	27,283.59
Jun 2021	32,350.69	28,791.53
May 2021	32,460.34	28,860.08
Apr 2021	32,505.07	28,812.63
Mar 2021	32,654.54	29,178.8
Feb 2021	32,448.88	28,966.01
Jan 2021	30,989.63	27,663.39
Dec 2020	30,898.88	27,444.17
Nov 2020	29,701.3	26,433.62
Oct 2020	25,739.9	22,977.13
Sep 2020	25,946.9	23,185.12
Aug 2020	25,844.4	23,139.76
Jul 2020	24,271.77	21,710
Jun 2020	24,943.07	22,288.14
May 2020	24,435.04	21,877.89
Apr 2020	22,531.48	20,193.69
Mar 2020	21,085.96	18,917.01
Feb 2020	23,567.12	21,142.96
Jan 2020	25,814.32	23,205.18
Dec 2019	26,316.52	23,656.62
Nov 2019	25,913.03	23,293.91
Oct 2019	25,530.31	22,927.04
Sep 2019	24,298.72	21,755.84
Aug 2019	23,147.48	20,704.37
Jul 2019	24,109.28	21,521.53
Jun 2019	23,834.14	21,275.92
May 2019	23,032.12	20,601.19
Apr 2019	24,885.25	22,258.73
Mar 2019	23,779.42	21,205.81
Feb 2019	23,980.54	21,385.16
Jan 2019	23,294.63	20,773.49
Dec 2018	22,443.83	20,014.77
Nov 2018	24,988.48	22,351.06
Oct 2018	24,458.15	21,920.46
Sep 2018	26,993.19	24,120.04
Aug 2018	25,614.45	22,865.15
Jul 2018	25,418.41	22,553.72
Jun 2018	25,137.54	22,304.51
May 2018	24,996.62	22,201.82
Apr 2018	25,347.2	22,467.87
Mar 2018	24,179.34	21,454.3
Feb 2018	24,796.28	22,068.24
Jan 2018	25,953.66	23,098.29
Dec 2017	25,604.84	22,764.94
Nov 2017	25,637.24	22,724.96
Oct 2017	24,907.87	22,011.61
Sep 2017	23,034.73	20,356.28
Aug 2017	22,298.97	19,646.24
Jul 2017	22,661.59	19,925.18
Jun 2017	22,738.44	20,033.43
May 2017	22,281.27	19,650.57
Apr 2017	21,788.78	19,196.74
Mar 2017	21,550	18,909.26
Feb 2017	21,789.02	19,118.99
Jan 2017	21,678.43	19,041.34
Dec 2016	21,717.33	19,114.37
Nov 2016	20,759.51	18,308.48
Oct 2016	19,757.77	17,425.02
Sep 2016	18,766.24	16,449.84
Aug 2016	19,285.1	16,887.4
Jul 2016	18,921.8	16,569.27
Jun 2016	17,751.15	15,575.92
May 2016	19,621.9	17,234.98
Apr 2016	18,993.52	16,666.05
Mar 2016	19,138.09	16,758.67
Feb 2016	18,320.98	16,026.76
Jan 2016	20,046.53	17,518.3
Dec 2015	21,691.83	19,033.71
Nov 2015	22,505.27	19,747.47
Oct 2015	21,659.79	19,083.1
Sep 2015	19,735.98	17,388.15
Aug 2015	21,462.95	18,890.48
Jul 2015	23,412.29	20,585.24
Jun 2015	22,991.4	20,235.73
May 2015	23,292.4	20,563.15
Apr 2015	22,178.21	19,520.01
Mar 2015	21,934.03	19,206.99
Feb 2015	21,532.88	18,797.94
Jan 2015	20,204.46	17,674.39
Dec 2014	19,928.46	17,450.77
Nov 2014	19,938.83	17,459.85
Oct 2014	18,686.95	16,413.76
Sep 2014	18,357.35	16,173.52
Aug 2014	17,542.91	15,424.59
Jul 2014	17,802.26	15,620.77
Jun 2014	17,297.17	15,162.1
May 2014	16,675.84	14,632.38
Apr 2014	16,368.47	14,304.11
Mar 2014	17,322.37	14,827.83
Feb 2014	17,374.15	14,841.07
Jan 2014	17,460.15	14,914.53
Dec 2013	19,051.97	16,291.31
Nov 2013	18,335.05	15,661.87
Oct 2013	16,773.44	14,327.94
Sep 2013	16,940.86	14,455.8
Aug 2013	15,740	13,388.86
Jul 2013	16,119.39	13,668.32
Jun 2013	16,164.1	13,677.32
May 2013	16,279	13,774.54
Apr 2013	16,398.35	13,860.86
Mar 2013	14,714.29	12,397.91
Feb 2013	13,748.26	11,559.36
Jan 2013	13,219.77	11,138.66
Dec 2012	12,350.49	10,395.18
Nov 2012	11,222.78	9,446.01
Oct 2012	10,573.97	8,928.29
Sep 2012	10,505.12	8,870.16
Aug 2012	10,480.4	8,839.91
Jul 2012	10,330.58	8,695.06
Jun 2012	10,666.93	9,006.78
May 2012	10,064.04	8,542.73
Apr 2012	11,181.04	9,520.89
Mar 2012	11,854.28	10,083.56
Feb 2012	11,478.97	9,723.24
Jan 2012	10,413.97	8,802.51
Dec 2011	10,024.48	8,455.35
Nov 2011	10,010.5	8,434.61
Oct 2011	10,600.23	8,988.39
Sep 2011	10,271.3	8,700.29
Aug 2011	10,572.24	8,955.2
Jul 2011	11,620.85	9,833.03
Jun 2011	11,600.83	9,816.09
May 2011	11,444.13	9,693.73
Apr 2011	11,628.31	9,849.74
Mar 2011	11,528.75	9,755.1
Feb 2011	12,582.34	10,624.09
Jan 2011	12,124.99	10,237.92
Dec 2010	12,101.51	10,228.92
Nov 2010	11,731.37	9,937.04
Oct 2010	10,829.83	9,202.45
Sep 2010	11,061.17	9,369.35
Aug 2010	10,439.47	8,824.06
Jul 2010	11,295.23	9,537.3
Jun 2010	11,053.52	9,382.64
May 2010	11,484.13	9,768.7
Apr 2010	12,999.13	11,057.4
Mar 2010	13,037.38	11,089.94
Feb 2010	11,929.3	10,126.03
Jan 2010	12,014.13	10,198.04
Dec 2009	12,437.68	10,546.44
Nov 2009	10,998.24	9,345.55
Oct 2009	11,784.49	10,034.74
Sep 2009	11,850.37	10,133.23
Aug 2009	12,270.55	10,492.53
Jul 2009	12,149.98	10,356.83
Jun 2009	11,645.96	9,958.44
May 2009	11,112.9	9,522.5
Apr 2009	10,281.24	8,828.26
Mar 2009	9,454.07	8,109.53
Feb 2009	8,850.93	7,568.42
Jan 2009	9,319.44	7,994.05
Dec 2008	10,274.88	8,859.56
Nov 2008	9,831.32	8,512.27
Oct 2008	9,814.8	8,576.98
Sep 2008	12,871.7	11,259.86
Aug 2008	14,944.24	13,072.87
Jul 2008	15,338.74	13,376.81
Jun 2008	15,490.42	13,481.38
May 2008	16,560.42	14,338.54
Apr 2008	16,129.47	13,849.99
Mar 2008	14,571.85	12,525.54
Feb 2008	15,891.51	13,603.02
Jan 2008	15,846.07	13,592.47
Dec 2007	17,827.18	15,307.78
Nov 2007	18,280.49	15,680.67
Oct 2007	19,492.36	16,737.63
Sep 2007	19,589.14	16,785.69
Aug 2007	19,336.37	16,569.09
Jul 2007	20,235.32	17,248.89
Jun 2007	21,256.48	18,138.36
May 2007	20,904.9	17,875.75
Apr 2007	20,413.07	17,400.41
Mar 2007	20,344.83	17,287.65
Feb 2007	20,782.9	17,604.12
Jan 2007	20,414.56	17,383.42
Dec 2006	20,187.08	17,225.83
Nov 2006	19,092.03	16,274.33
Oct 2006	19,138.33	16,399.39
Sep 2006	18,781.91	16,127.58
Aug 2006	18,797.26	16,140.76
Jul 2006	18,132.96	15,456.81
Jun 2006	18,132.62	15,505.18
May 2006	18,088.36	15,467.33
Apr 2006	19,833.33	16,906.23
Mar 2006	20,055.41	17,059.66
Feb 2006	19,091.33	16,205.43
Jan 2006	19,553.04	16,649.82
Dec 2005	18,940.67	16,111.43
Nov 2005	17,502.17	14,872.15
Oct 2005	15,945.56	13,606.5
Sep 2005	15,907.83	13,574.3
Aug 2005	14,593.48	12,413.6
Jul 2005	14,003.95	11,899.6
Jun 2005	13,618.21	11,584.01
May 2005	13,201.29	11,276.59
Apr 2005	12,901.41	11,008.9
Mar 2005	13,689.28	11,668.95
Feb 2005	13,816.83	11,740.6
Jan 2005	13,359.21	11,387.59
Dec 2004	13,449.67	11,488.76
Nov 2004	12,693.08	10,899.25
Oct 2004	12,518.14	10,771.42
Sep 2004	12,644.46	10,823.57
Aug 2004	12,986.83	11,081.79
Jul 2004	13,286.7	11,325.78
Jun 2004	13,868.43	11,858.87
May 2004	13,167.99	11,236.37
Apr 2004	13,798.2	11,761.79
Mar 2004	13,743.76	11,715.39
Feb 2004	12,980.93	11,041.92
Jan 2004	12,677.26	10,783.61
Dec 2003	12,525.17	10,676.64
Nov 2003	11,861.8	10,100.57
Oct 2003	12,336.07	10,559.59
Sep 2003	11,938.24	10,219.05
Aug 2003	12,096.33	10,343.55
Jul 2003	11,207.2	9,563.21
Jun 2003	10,622.3	9,083.11
May 2003	9,821.27	8,424.51
Apr 2003	9,148.93	7,831.42
Mar 2003	9,343.28	7,972.71
Feb 2003	9,831.63	8,363.04
Jan 2003	9,773.64	8,339.94
Dec 2002	10,022.22	8,578.95
Nov 2002	10,765.93	9,215.56
Oct 2002	10,094.1	8,640.48
Sep 2002	10,939.02	9,383.29
Aug 2002	11,214.16	9,619.3
Jul 2002	11,551.82	9,877.94
Jun 2002	12,370.02	10,621.84
May 2002	13,685.55	11,763.7
Apr 2002	13,411.96	11,492.54
Mar 2002	12,906.68	11,024.94
Feb 2002	12,420.98	10,587.83
Jan 2002	11,667.58	9,997.8
Dec 2001	12,277.76	10,542.62
Nov 2001	12,445.1	10,697.44
Oct 2001	11,997.48	10,366.34
Sep 2001	11,312.72	9,774.68
Aug 2001	12,386.46	10,713.51
Jul 2001	13,755.54	11,860.77
Jun 2001	14,994.21	12,969.05
May 2001	15,301.42	13,262.14
Apr 2001	16,093.56	13,934.32
Mar 2001	15,029.64	12,999.7
Feb 2001	14,879.95	12,883.54
Jan 2001	15,939.33	13,843.55
Dec 2000	15,872.71	13,785.69
Nov 2000	16,883.54	14,648.51
Oct 2000	16,706.34	14,539.6
Sep 2000	18,093.97	15,747.26
Aug 2000	19,354.09	16,861.26
Jul 2000	18,108.48	15,727.49
Jun 2000	19,985.16	17,411.05
May 2000	18,708.69	16,332.45
Apr 2000	20,609.84	17,973.7
Mar 2000	23,368.06	20,337.32
Feb 2000	22,981.2	19,959.52
Jan 2000	22,428.52	19,539.7
Dec 1999	21,711.37	18,934.34
Nov 1999	21,214.83	18,558.23
Oct 1999	20,385.4	17,942.08
Sep 1999	20,043.69	17,605.46
Aug 1999	19,912.23	17,436.56
Jul 1999	20,460.61	17,861.86
Jun 1999	19,998.21	17,529.74
May 1999	18,324.33	16,111.65
Apr 1999	18,995.22	16,701.53
Mar 1999	18,103.58	15,836.59
Feb 1999	16,441.05	14,367.54
Jan 1999	16,524.12	14,499.25
Dec 1998	15,695.27	13,842.17
Nov 1998	16,808.06	14,883.7
Oct 1998	15,302.85	13,564.51
Sep 1998	15,232.05	13,406.39
Aug 1998	16,160.47	14,107.89
Jul 1998	18,742.77	16,378.97
Jun 1998	18,004.31	15,830.27
May 1998	17,750.69	15,670.78
Apr 1998	17,771.26	15,641.26
Mar 1998	18,816.06	16,527.17
Feb 1998	19,241.11	16,831.67
Jan 1998	18,989.4	16,628.47
Dec 1997	17,407.42	15,258.74
Nov 1997	18,940.26	16,636.26
Oct 1997	18,605.76	16,458.94
Sep 1997	20,282.41	17,887.71
Aug 1997	20,817.66	18,229.42
Jul 1997	23,241.86	20,331.43
Jun 1997	23,458.6	20,604.96
May 1997	22,848.19	20,068.81
Apr 1997	21,847.91	19,151.12
Mar 1997	20,944.64	18,003.4
Feb 1997	21,611.17	18,557
Jan 1997	21,302.44	18,330.01
Dec 1996	22,477.66	19,361.35
Nov 1996	24,429.06	21,020.36
Oct 1996	23,711.86	20,466.86
Sep 1996	25,026.02	21,556.4
Aug 1996	23,510.52	20,166.9
Jul 1996	24,098.52	20,692.83
Jun 1996	26,211.63	22,530.75
May 1996	25,463.71	21,956.19
Apr 1996	25,615.56	22,041.3
Mar 1996	25,034.37	21,406.85
Feb 1996	23,585.08	20,125.37
Jan 1996	24,339.58	20,812.74
Dec 1995	23,210.65	19,868.15
Nov 1995	21,897.87	18,744.42
Oct 1995	20,560.3	17,654.64
Sep 1995	20,796.26	17,913.06
Aug 1995	21,165.15	18,117.22
Jul 1995	19,503.64	16,677.53
Jun 1995	16,889.13	14,517.4
May 1995	17,940.05	15,436.79
Apr 1995	19,572.86	16,806.75
Mar 1995	18,855.24	16,139.95
Feb 1995	19,901.6	17,053.43
Jan 1995	21,696.67	18,649.82
Dec 1994	22,945.24	19,723.06
Nov 1994	22,145.94	19,075.62
Oct 1994	23,134.96	19,989.6
Sep 1994	22,736.32	19,563.81
Aug 1994	24,048.69	20,628.53
Jul 1994	23,964.8	20,449.39
Jun 1994	24,066.64	20,643.93
May 1994	24,349.4	20,973.59
Apr 1994	22,923.94	19,725.25
Mar 1994	22,257.42	19,111.92
Feb 1994	23,410.33	19,997.2
Jan 1994	23,681.84	20,229.12
Dec 1993	20,411.4	17,417.24
Nov 1993	19,226.95	16,406.54
Oct 1993	22,969.67	19,702.97
Sep 1993	23,414.77	20,105.71
Aug 1993	24,512.76	21,026.6
Jul 1993	23,833.67	20,380.14
Jun 1993	22,957.67	19,590
May 1993	24,085.46	20,552.35
Apr 1993	24,515.35	20,919.18
Mar 1993	21,948.51	18,591.45
Feb 1993	20,056.98	16,953.35
Jan 1993	20,161.64	17,023.78
Dec 1992	20,023.38	16,924.95
Nov 1992	20,920.97	17,683.65
Oct 1992	19,816.02	16,767.4
Sep 1992	20,562.55	17,399.08
Aug 1992	21,458.37	18,061.12
Jul 1992	18,963.43	15,910.28
Jun 1992	18,852.04	15,951.73
May 1992	21,683.7	18,347.75
Apr 1992	20,552.66	17,390.71
Mar 1992	23,107.66	19,345.95
Feb 1992	25,624.91	21,338.81
Jan 1992	26,418.21	22,023.05
Dec 1991	27,511.62	22,983.77
Nov 1991	27,041	22,687.35
Oct 1991	30,094.46	25,222.28
Sep 1991	28,844.2	23,916.44
Aug 1991	26,996.22	22,335.87
Jul 1991	29,216.68	24,120.75
Jun 1991	28,181.05	23,290.96
May 1991	31,069.82	25,789.62
Apr 1991	31,627.71	26,111.25
Mar 1991	32,020.15	26,292.04
Feb 1991	32,339	26,409.22
Jan 1991	28,429.83	23,293.14
Dec 1990	29,299.84	23,848.71
Nov 1990	27,556.83	22,454.63
Oct 1990	30,884.87	25,194.1
Sep 1990	26,008.37	20,983.5
Aug 1990	32,451.19	25,978.37
Jul 1990	38,898.95	31,035.66
Jun 1990	39,943.16	31,940.24
May 1990	41,293.46	33,130.8
Apr 1990	37,038.97	29,584.8
Mar 1990	37,873.61	29,980.45
Feb 1990	43,847.89	34,591.99
Jan 1990	47,193.24	37,188.95
Dec 1989	49,609.96	38,915.87
Nov 1989	47,564.5	37,268.79
Oct 1989	44,908.78	35,549.44
Sep 1989	45,326.39	35,636.76
Aug 1989	44,195.26	34,431.2
Jul 1989	44,814.71	34,953.87
Jun 1989	42,147.17	32,948.69
May 1989	43,833.2	34,266.75
Apr 1989	43,373.44	33,713.35
Mar 1989	42,990.21	32,838.68
Feb 1989	42,070.47	31,985.6
Jan 1989	41,392.6	31,581.3
Dec 1988	39,482.15	30,159
Nov 1988	38,587.17	29,578.9
Oct 1988	36,377.3	27,982.54
Sep 1988	36,470.4	27,923.67
Aug 1988	36,036.67	27,365.95
Jul 1988	36,842.03	27,911.63
Jun 1988	36,611.07	27,769.4
May 1988	36,061.02	27,416.7
Apr 1988	36,126.44	27,434.12
Mar 1988	34,744.34	26,260.26
Feb 1988	33,517.17	25,242.81
Jan 1988	31,328.3	23,622.32
Dec 1987	28,497.11	21,564
Nov 1987	29,945.48	22,686.78
Oct 1987	29,907.53	22,765.04
Sep 1987	34,171.75	26,010.88
Aug 1987	34,520.36	26,029.22
Jul 1987	32,476.51	24,488.1
Jun 1987	31,911.69	24,176.39
May 1987	32,659.82	24,772.39
Apr 1987	30,721.64	23,274.8
Mar 1987	28,738.45	21,566.69
Feb 1987	27,310.28	20,421.64
Jan 1987	26,811	20,048.3
Dec 1986	25,079.23	18,820.64
Nov 1986	24,038.99	18,083
Oct 1986	22,374.06	16,910.63
Sep 1986	23,648.73	17,852.89
Aug 1986	24,667.44	18,533.68
Jul 1986	23,249.21	17,509.69
Jun 1986	23,385.52	17,654.19
May 1986	21,978.68	16,670.77
Apr 1986	20,913.6	15,825.5
Mar 1986	21,033.37	15,859.69
Feb 1986	18,069.25	13,640.83
Jan 1986	17,232.15	13,024.3
Dec 1985	17,371.73	13,083.18
Nov 1985	16,967.1	12,763.27
Oct 1985	17,059.35	12,939.47
Sep 1985	16,903.23	12,700.1
Aug 1985	16,940.7	12,713.1
Jul 1985	16,261.25	12,232.3
Jun 1985	17,165.76	12,882
May 1985	17,001.06	12,758.4
Apr 1985	16,578.27	12,426.29
Mar 1985	16,905.4	12,580.76
Feb 1985	16,617.46	12,321.89
Jan 1985	16,114.65	11,992.3
Dec 1984	15,547.74	11,542.6
Nov 1984	15,431.77	11,428.9
Oct 1984	15,121.22	11,253
Sep 1984	14,396.38	10,649.2
Aug 1984	14,537.02	10,584.2
Jul 1984	13,615.5	9,998.5
Jun 1984	14,166.75	10,377.97
May 1984	13,470.34	9,940.1
Apr 1984	14,990.75	10,981.6
Mar 1984	14,955.61	10,929.1
Feb 1984	13,743.04	10,030.7
Jan 1984	14,055.78	10,196.1
Dec 1983	13,689.71	9,893.82
Nov 1983	12,848.37	9,320.24
Oct 1983	12,835.45	9,356.79
Sep 1983	13,010.02	9,402.59
Aug 1983	12,858.3	9,189.43
Jul 1983	12,671.71	9,078.75
Jun 1983	12,335.47	8,870.95
May 1983	11,909.08	8,617.57
Apr 1983	12,054.52	8,636.56
Mar 1983	11,893.58	8,478.7
Feb 1983	11,399.33	8,085.57
Jan 1983	11,381.51	8,103.47
Dec 1982	11,273.76	8,016.67
Nov 1982	11,089.58	7,895.62
Oct 1982	10,106.76	7,259.15
Sep 1982	9,645.69	6,910.73
Aug 1982	10,093.71	7,123.38
Jul 1982	10,169.2	7,122.08
Jun 1982	10,234.91	7,213.87
May 1982	10,393.5	7,325.65
Apr 1982	10,526	7,390.8
Mar 1982	10,420.05	7,260.48
Feb 1982	10,847.34	7,548.51
Jan 1982	11,364.88	7,918.82
Dec 1981	11,024.77	7,681.84
Nov 1981	10,848.52	7,549.33
Oct 1981	10,691.27	7,449.46
Sep 1981	10,741.3	7,455.5
Aug 1981	11,422.28	7,815.78
Jul 1981	11,395.82	7,828.26
Jun 1981	11,423.08	7,867.42
May 1981	10,961.47	7,539.69
Apr 1981	11,259.51	7,674.19
Mar 1981	10,846.24	7,334.31
Feb 1981	10,596.58	7,146.53
Jan 1981	10,741.7	7,254.01
Dec 1980	10,571.06	7,063.13
Nov 1980	10,633.12	7,123.62
Oct 1980	10,687.88	7,150.75
Sep 1980	10,605.2	7,076.46
Aug 1980	10,531.25	6,914.08
Jul 1980	10,359.16	6,819.63
Jun 1980	10,450.94	6,870.7
May 1980	10,470.86	6,855.7
Apr 1980	10,572.58	6,865.56
Mar 1980	10,280.25	6,556.19
Feb 1980	10,667.34	6,764.89
Jan 1980	10,763.59	6,768.16
Dec 1979	10,537.54	6,569.47
Nov 1979	10,420.97	6,450.19
Oct 1979	10,366.24	6,444.13
Sep 1979	10,689.53	6,568.61
Aug 1979	10,612.97	6,436.13
Jul 1979	10,304.81	6,313.77
Jun 1979	10,286.36	6,247.26
May 1979	10,310.32	6,252.59
Apr 1979	10,353.38	6,223.14
Mar 1979	10,327.98	6,133.97
Feb 1979	10,318.36	6,072.88
Jan 1979	10,524.07	6,212.78
Dec 1978	10,182.2	6,001.85
Nov 1978	10,108.46	5,967.43
Oct 1978	9,909.12	5,902.93
Sep 1978	9,704.51	5,772.36
Aug 1978	9,490.1	5,585.41
Jul 1978	9,546.19	5,601.34
Jun 1978	9,475.89	5,543.14
May 1978	9,307.77	5,469.77
Apr 1978	9,475.06	5,534.18
Mar 1978	9,428.17	5,447.76
Feb 1978	9,109.1	5,222.66
Jan 1978	8,971.5	5,111.67
Dec 1977	8,566.52	4,865.6
Nov 1977	8,678.37	4,936.89
Oct 1977	8,832.04	5,079.61
Sep 1977	9,210.6	5,264.38
Aug 1977	9,319.85	5,243.46
Jul 1977	8,719.94	4,898.14
Jun 1977	8,830.3	4,975.93
May 1977	8,891.18	5,026.14
Apr 1977	9,106.61	5,099.05
Mar 1977	9,140.85	5,036.46
Feb 1977	9,263.37	5,079.11
Jan 1977	9,110.08	4,962.47
Dec 1976	9,238.03	4,990.85
Nov 1976	8,439.5	4,506.6
Oct 1976	8,701.05	4,646.27
Sep 1976	9,091.56	4,830.4
Aug 1976	9,148.95	4,738.14
Jul 1976	8,901.49	4,641.83
Jun 1976	9,369.05	4,852.13
May 1976	9,012.59	4,659.46
Apr 1976	9,039.03	4,656.96
Mar 1976	9,127.65	4,596.48
Feb 1976	9,224.52	4,628.76
Jan 1976	9,347.16	4,656.86
Dec 1975	8,874.63	4,342.06
Nov 1975	8,849.51	4,329.77
Oct 1975	8,862.64	4,352.05
Sep 1975	8,031.39	3,886.39
Aug 1975	8,581.7	4,060.57
Jul 1975	9,123.05	4,333.04
Jun 1975	9,579.17	4,532.54
May 1975	9,315.39	4,407.73
Apr 1975	9,532.42	4,484.84
Mar 1975	9,698.64	4,484.97
Feb 1975	9,313.16	4,273.39
Jan 1975	8,641.64	3,957.53
Dec 1974	8,477.64	3,836.93
Nov 1974	8,694.92	3,927.49
Oct 1974	8,021.37	3,594.55
Sep 1974	9,012.45	3,950
Aug 1974	9,420.09	4,069.68
Jul 1974	10,507.38	4,492.42
Jun 1974	10,972.3	4,602.87
May 1974	11,450.29	4,772.66
Apr 1974	11,137.47	4,622.35
Mar 1974	11,022.39	4,466.14
Feb 1974	11,146.66	4,486.58
Jan 1974	11,410.52	4,449.9
Dec 1973	11,519.14	4,306.8
Nov 1973	12,316.88	4,461.84
Oct 1973	13,070.39	4,699.73
Sep 1973	12,905.44	4,617.33
Aug 1973	14,031.3	4,882.09
Jul 1973	14,601.14	5,041.18
Jun 1973	13,646.95	4,675.12
May 1973	13,338.03	4,557.36
Apr 1973	13,589.44	4,570.33
Mar 1973	15,857.39	5,233.79
Feb 1973	15,904.54	5,121.32
Jan 1973	16,175.73	5,165.24
Dec 1972	16,447.68	5,207.94
Nov 1972	15,508.54	4,868.96
Oct 1972	14,413.27	4,537.99
Sep 1972	13,801.32	4,320.63
Aug 1972	13,065.11	4,066.78
Jul 1972	12,762.7	3,938.4
Jun 1972	12,024.82	3,710.7
May 1972	11,785.31	3,636.79
Apr 1972	10,852.01	3,339.08
Mar 1972	10,481.64	3,187.62
Feb 1972	10,025.44	3,021.98
Jan 1972	9,533.04	2,856.5
Dec 1971	9,056.6	2,713.74
Nov 1971	8,152.09	2,442.71
Oct 1971	7,536.44	2,278.46
Sep 1971	8,055.74	2,428.25
Aug 1971	7,805.81	2,297.06
Jul 1971	9,044.55	2,661.59
Jun 1971	8,962.18	2,637.35
May 1971	8,372.49	2,456.33
Apr 1971	8,438.61	2,468.18
Mar 1971	8,318.54	2,403.3
Feb 1971	7,751.07	2,232.42
Jan 1971	7,294.43	2,100.9
Dec 1970	6,964.33	1,987.14
Nov 1970	7,020.02	1,990.47
Oct 1970	7,456.39	2,114.2
Sep 1970	7,401.16	2,065.44
Aug 1970	7,764.86	2,132.21
Jul 1970	7,837.47	2,159.16
Jun 1970	7,761.06	2,138.11
May 1970	7,354.62	2,026.14
Apr 1970	7,649.87	2,114.32
Mar 1970	9,220.76	2,523.75
Feb 1970	8,782.72	2,380.29
Jan 1970	8,473.3	2,296.43
Dec 1969	8,802.86	2,348.03
Nov 1969	8,306.55	2,201.41
Oct 1969	8,005.88	2,130.3
Sep 1969	7,613.67	2,016.15
Aug 1969	7,315.89	1,923.19
Jul 1969	7,160.98	1,865.59
Jun 1969	7,712.97	1,984.61
May 1969	7,748.88	1,990.53
Apr 1969	7,421.88	1,904.94
Mar 1969	7,245.42	1,841.02
Feb 1969	6,991.56	1,758.54
Jan 1969	7,276.7	1,830.26
Dec 1968	6,778.25	1,699.08
Nov 1968	6,819.04	1,716.61
Oct 1968	6,950.72	1,745.29
Sep 1968	7,333.4	1,839.81
Aug 1968	6,897.02	1,691.91
Jul 1968	6,592.03	1,602.97
Jun 1968	6,296.6	1,531.13
May 1968	5,961.18	1,462.34
Apr 1968	5,935.62	1,456.07
Mar 1968	5,563.26	1,361.15
Feb 1968	5,526.43	1,349.77
Jan 1968	5,396.27	1,312.2
Dec 1967	5,320.31	1,283.47
Nov 1967	5,332.5	1,277.27
Oct 1967	5,739.76	1,376.05
Sep 1967	5,617.66	1,323.91
Aug 1967	5,786.74	1,342.68
Jul 1967	6,416.07	1,476.33
Jun 1967	6,487.6	1,494.18
May 1967	6,502.37	1,505.94
Apr 1967	6,165.81	1,437.24
Mar 1967	6,261.75	1,455.58
Feb 1967	6,442.44	1,494.82
Jan 1967	6,335.02	1,463.11
Dec 1966	6,358.12	1,452.1
Nov 1966	6,144.78	1,390.21
Oct 1966	6,321.47	1,441.02
Sep 1966	6,471.12	1,465.43
Aug 1966	6,534.76	1,463.04
Jul 1966	6,644.51	1,499
Jun 1966	6,645.27	1,494.9
May 1966	6,743.69	1,514.15
Apr 1966	6,873.83	1,553.68
Mar 1966	7,089.85	1,584.28
Feb 1966	6,771.82	1,507.41
Jan 1966	6,656.72	1,470.38
Dec 1965	6,481.69	1,417.83
Nov 1965	6,320.81	1,373.16
Oct 1965	5,700.8	1,250.68
Sep 1965	5,649.73	1,223.74
Aug 1965	5,878.13	1,255.58
Jul 1965	5,162.54	1,097.2
Jun 1965	4,963.01	1,060.11
May 1965	5,123.66	1,096.62
Apr 1965	5,464.71	1,176.64
Mar 1965	5,373.24	1,132.77
Feb 1965	5,789.44	1,213.07
Jan 1965	5,916.7	1,242.27
Dec 1964	5,921.08	1,216.55
Nov 1964	5,885.84	1,209.31
Oct 1964	5,837.58	1,209.4
Sep 1964	5,980.52	1,217.23
Aug 1964	6,350.02	1,276.11
Jul 1964	6,584.93	1,309.21
Jun 1964	6,800.28	1,359.31
May 1964	6,547.96	1,311.68
Apr 1964	6,177.82	1,232.24
Mar 1964	6,200.6	1,222.17
Feb 1964	6,423.34	1,260.57
Jan 1964	6,754.27	1,326.96
Dec 1963	6,286.42	1,233.7
Nov 1963	6,552.03	1,280.21
Oct 1963	6,922.86	1,358.6
Sep 1963	6,611.17	1,301.68
Aug 1963	6,996.93	1,350.65
Jul 1963	7,161.29	1,386.98
Jun 1963	7,962.7	1,552.43
May 1963	8,036.42	1,554.75
Apr 1963	8,296.22	1,592.57
Mar 1963	8,367.8	1,599.14
Feb 1963	7,887.07	1,500.51
Jan 1963	7,700.78	1,458.47
Dec 1962	7,623.2	1,420.43
Nov 1962	7,895.08	1,441.82
Oct 1962	6,872.58	1,259.52
Sep 1962	7,184.82	1,306.32
Aug 1962	7,765.86	1,416.97
Jul 1962	7,729.85	1,410.4
Jun 1962	7,980.09	1,441.91
May 1962	7,539.05	1,367.08
Apr 1962	7,642.35	1,378.42
Mar 1962	8,047.95	1,436.01
Feb 1962	8,437.96	1,502.88
Jan 1962	8,453.73	1,511.14
Dec 1961	8,065.26	1,432.6
Nov 1961	7,532.24	1,325.78
Oct 1961	7,588.18	1,329.51
Sep 1961	8,890.51	1,524.73
Aug 1961	9,396.2	1,602.37
Jul 1961	10,312.07	1,745.26
Jun 1961	10,432.47	1,737.05
May 1961	10,085.82	1,679.33
Apr 1961	9,835.33	1,645.55
Mar 1961	9,578.26	1,587.1
Feb 1961	9,182.78	1,524.53
Jan 1961	9,041.87	1,493.85
Dec 1960	8,325.51	1,356.71
Nov 1960	7,961.78	1,287.17
Oct 1960	7,625.8	1,250.06
Sep 1960	7,518.86	1,226.47
Aug 1960	7,265.35	1,175.75
Jul 1960	6,810.56	1,093.37
Jun 1960	6,780.46	1,089.63
May 1960	6,126.39	988.47
Apr 1960	6,829.71	1,092.04
Mar 1960	6,666.46	1,059.49
Feb 1960	6,367.53	1,015.06
Jan 1960	5,984.46	953.03
Dec 1959	5,561.27	874.88
Nov 1959	6,209.96	976.93
Oct 1959	6,039.24	954.94
Sep 1959	5,784.12	902.48
Aug 1959	5,597.81	881.53
Jul 1959	5,513.41	854.91
Jun 1959	5,229.67	810.07
May 1959	5,177.78	796.19
Apr 1959	4,813.98	745.68
Mar 1959	4,963.56	764.85
Feb 1959	4,662.41	716.19
Jan 1959	4,470.09	689.53
Dec 1958	4,312.2	664.48
Nov 1958	4,045.21	623.99
Oct 1958	3,898.99	607.72
Sep 1958	3,792.3	586.2
Aug 1958	3,799.85	590.43
Jul 1958	3,717.23	571.6
Jun 1958	3,784.73	584.42
May 1958	3,668.51	559.97
Apr 1958	3,642.39	556.57
Mar 1958	3,483.07	529.98
Feb 1958	3,456.47	528.16
Jan 1958	3,392.11	522.7
Dec 1957	3,066.45	471.53
Nov 1957	3,177.95	489.7
Oct 1957	3,270.48	510.81
Sep 1957	3,378.72	529.35
Aug 1957	3,362.32	529.49
Jul 1957	3,109.44	486.16
Jun 1957	3,381.37	522.68
May 1957	3,356.38	520.44
Apr 1957	3,834.87	589.69
Mar 1957	3,807.38	581.78
Feb 1957	3,752.89	571.64
Jan 1957	3,719.68	567.78
Dec 1956	3,635.96	549.14
Nov 1956	3,724.97	556.58
Oct 1956	3,343.21	508.16
Sep 1956	3,244.56	490.55
Aug 1956	3,293.42	493.69
Jul 1956	3,355.82	500.34
Jun 1956	3,304.64	502.83
May 1956	3,275.94	488.43
Apr 1956	3,161.06	473.34
Mar 1956	3,042.19	454.56
Feb 1956	2,947.02	439.39
Jan 1956	2,864.96	423.46
Dec 1955	2,895.84	425.69
Nov 1955	2,663.68	393.28
Oct 1955	2,706.3	409.17
Sep 1955	2,585.6	388.42
Aug 1955	2,588.05	387.12
Jul 1955	2,460.69	365.69
Jun 1955	2,361.49	352.47
May 1955	2,347.01	349.93
Apr 1955	2,299.55	346.19
Mar 1955	2,354.99	351.5
Feb 1955	2,442.94	366.99
Jan 1955	2,459.32	369.45

Returns from Investing in the Nikkei 225 index

How much did an investment in the Nikkei 225 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 Nikkei 225 index 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 index nominally increased, as in 1966.

Year	Inflation-Adjusted Return	Nominal Return
2024	15.07%	19.22%
2023	24.99%	28.24%
2022	-12.85%	-9.37%
2021	4.08%	4.91%
2020	17.42%	16.01%
2019	17.26%	18.2%
2018	-12.34%	-12.08%
2017	17.92%	19.1%
2016	0.12%	0.42%
2015	8.85%	9.07%
2014	4.61%	7.12%
2013	54.25%	56.72%
2012	23.07%	22.94%
2011	-17.17%	-17.34%
2010	-3.01%	-3.01%
2009	21.1%	19.04%
2008	-42.35%	-42.12%
2007	-11.75%	-11.13%
2006	6.6%	6.92%
2005	40.38%	40.24%
2004	7.39%	7.61%
2003	24.95%	24.45%
2002	-18.38%	-18.63%
2001	-22.6%	-23.52%
2000	-27.05%	-27.19%
1999	38.31%	36.79%
1998	-9.82%	-9.28%
1997	-22.58%	-21.19%
1996	-3.13%	-2.55%
1995	1.04%	0.74%
1994	12.45%	13.24%
1993	1.89%	2.91%
1992	-27.23%	-26.36%
1991	-6.16%	-3.63%
1990	-40.96%	-38.72%
1989	25.77%	29.04%
1988	38.47%	39.86%
1987	13.67%	14.58%
1986	44.29%	43.85%
1985	11.23%	13.35%
1984	13.71%	16.66%
1983	21.35%	23.42%
1982	2.31%	4.36%
1981	4.28%	8.76%
1980	0.57%	7.51%
1979	3.65%	9.46%
1978	18.72%	23.35%
1977	-7.15%	-2.51%
1976	4.02%	14.94%
1975	4.98%	13.16%
1974	-26.37%	-10.91%
1973	-30.1%	-17.3%
1972	81.56%	91.91%
1971	30.31%	36.57%
1970	-20.89%	-15.37%
1969	29.87%	38.19%
1968	27.4%	32.38%
1967	-16.32%	-11.61%
1966	-1.91%	2.42%
1965	9.47%	16.55%
1964	-5.81%	-1.39%
1963	-17.54%	-13.15%
1962	-5.48%	-0.85%
1961	-3.13%	5.59%
1960	49.71%	55.07%
1959	28.97%	31.66%
1958	40.63%	40.92%
1957	-15.66%	-14.13%
1956	25.56%	29%

Nikkei 225 Index: 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 Nikkei 225 over various trailing periods ending May 31, 2025, offering a clearer view of long-term, real investment performance.

Period	Avg. Annual Return (Inflation-Adjusted)	Avg. Annual Return (Nominal)
Last 1 year	-4.62%	-1.36%
Last 3 years	8.21%	11.65%
Last 5 years	9.21%	11.65%
Last 10 years	5.01%	6.32%
Last 20 years	5.42%	6.26%
Last 30 years	2.53%	3.05%
Last 40 years	2.03%	2.76%
Last 50 years	2.85%	4.4%

Real Returns of Investing in the Nikkei 225

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 May 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 Nikkei 225 five years ago yielded an 79.56% nominal gain, but the real return (the actual increase in buying power) was 61.09%.

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 - May 2025	$179.56	79.56%	61.09%
Last 10 years Feb 2015 - May 2025	$201.96	101.96%	76.31%
Last 25 years Feb 2000 - May 2025	$190.21	90.21%	65.2%
Last 50 years Feb 1975 - May 2025	$888.41	788.41%	307.65%

About the Nikkei 225 index

The Nikkei 225, commonly referred to as the Nikkei, is Japan's premier stock market index for the Tokyo Stock Exchange (TSE). It is a price-weighted index, similar to the Dow Jones Industrial Average, comprising 225 of the largest and most liquid blue-chip companies listed on the TSE's First Section. Established in 1950, the Nikkei 225 is the most widely quoted average of Japanese equities and serves as a key indicator of the Japanese stock market's performance and overall economic sentiment.

Last Close Jul 15, 2025	39,678.02
Highest Jul 11, 2024	42,224.02
Highest, Inflation-Adjusted Dec 29, 1989	49,609.96
Annualized return Since Jan 4, 1955	6.89%
Annualized return, Inflation-Adjusted Since Jan 4, 1955	4.06%