Japanese Stock Market drawdown: 3.6% below the all-time high (price)
Japanese Stock Market is 3.6% below its all-time high, set Oct 6, 2026 (as of market close, Oct 21, 2026), measured on price alone — dividends are not included, the convention headlines and crash histories use. The chart shows every day as a percentage of the highest level reached up to that point: 100% means a fresh record, everything below is a drawdown.
- Below all-time high
- −3.6%
- 96.4% of ATH
- All-time high
- $99.32
- Oct 6, 2026
- Time below the high
- 15 days
- since Oct 6, 2026
- Worst-ever drawdown
- −62.2%
- Apr 25, 2003
- Longest underwater
- 24.6 yrs
- between all-time highs
- Today's level first reached
- Jun 18, 2026
- 4 mo ago
- Last time this deep
- Aug 24, 2026
- in a previous episode
% of all-time high since 1996: price#
The classic underwater chart (drawdown curve), drawn as % of the all-time high — 100% is a fresh record, everything below it is time spent underwater. Basis and range are in the URL, so a particular view is a link.
The deepest drawdowns on record#
Every decline of 15% or more from an all-time high (price basis), deepest first.
| Peak | Trough | Depth | Peak → trough | Recovered by | Underwater |
|---|---|---|---|---|---|
| Mar 31, 2000 | Apr 25, 2003 | −62.2% | 3.1 yrs | Nov 27, 2020 | 20.7 yrs |
| Apr 26, 1996 | Oct 1, 1998 | −53.4% | 2.4 yrs | Mar 31, 2000 | 3.9 yrs |
| Sep 15, 2021 | Oct 20, 2022 | −34.6% | 13 mo | May 27, 2025 | 3.7 yrs |
Price basis (no dividends) — the convention crash histories use. With dividends reinvested, recoveries arrive years earlier; switch the basis on the chart above to see it.
Drawdown vs what came next#
One dot per month since 1996: how far Japanese Stock Market stood below its all-time high, and the total return over the following 1, 5 and 10 years.
Read this with survivorship bias in mind: a single asset's history is one surviving sample, so past recoveries here say little about the odds ahead. Monthly windows also overlap heavily (they are not independent samples). Not investment advice.
FAQ#
- How far is Japanese Stock Market from its all-time high?
- Japanese Stock Market is currently 3.6% below its all-time high, set Oct 6, 2026 (as of market close, Oct 21, 2026). Prices only, the convention headlines use; with dividends reinvested the gap is usually smaller.
- What was the biggest Japanese Stock Market drawdown ever?
- The deepest decline on record in our data (since 1996) took Japanese Stock Market 62.2% below its prior high, bottoming Apr 25, 2003. The table on this page lists every major episode with its peak, trough and recovery date.
Methodology & related#
Daily data since 1996 from EWJ, Japanese Stock Market's tracking fund; no free deep history exists for Japanese Stock Market — for a 150-year drawdown record see the S&P 500 drawdown page. The price basis excludes dividends; the total-return basis reinvests them; the real basis additionally deflates by CPI. See also returns by year. Past performance does not predict future returns; not investment advice.
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