Japanese Stock Market yearly charts and key events

The Japanese Stock Market has gained 23.2% so far in 2026 with dividends reinvested (+22.5% in price alone) — which would make it the 7th best of 30 years since 1997. EWJ went from 80.74 at the close of December 31, 2025 to 98.92 on October 2, 2026, over 189 trading days (100 up, 89 down).

No curated events for this year yet, so the markers are the year's own turning points so far: its highest and lowest close, best and worst day, deepest fall. Full 2026 year-to-date analysis →

1. 1
   Lowest close so far: 81.20March 20-3.4% that day
2. 2
   Best day so far: +4.6%April 8+4.6% that day
3. 3
   Worst day so far: -4.4%June 23-4.4% that day
4. 4
   Highest close so far: 98.92October 2+1.6% that day

• Deepest fall -13.6% (February 11 → March 20)
• Best day +4.6% (April 8)
• Worst day -4.4% (June 23)
• $10,000 at the start of 2026 → $12,318 as of October 2, 2026 (+31.9%/yr over 0.8 yrs) any amount, any dates →

The Japanese Stock Market gained 25.8% in 2025 with dividends reinvested (+20.3% in price alone) — the 4th best of 29 years since 1997. EWJ went from 67.10 at the close of December 31, 2024 to 80.74 on December 31, 2025, over 251 trading days (133 up, 115 down). It spent 16 of them below where it started.

1. 1
   DeepSeek shockJanuary 27-1.1% that day

   Nvidia fell 17%, the largest one-day loss of market value for any company.
2. 2
   Record close of 6,144February 19-0.7% that day
3. 3
   “Liberation Day” tariffs announcedApril 2+0.0% that day

   After the close; the two sessions that followed lost 10.5%.
4. 4
   S&P 500 falls 6% — the worst day since March 2020April 4-6.0% that day
5. 5
   The closing low: S&P 500 at 4,983April 8+0.5% that day

   Down 19% from February.
6. 6
   Ninety-day tariff pauseApril 9+7.6% that day

   The S&P 500 rose 9.5%, its third-best day since World War II.
7. 7
   US–China tariff truceMay 12+1.1% that day

   The S&P 500 rose 3.3%.
8. 8
   New record highJune 27+1.8% that day

   The round trip from record to bear-market brink and back took four months.
9. 9
   The Fed resumes cuttingSeptember 17-0.2% that day
10. 10
    S&P 500 falls 2.7% on new China tariff threatsOctober 10-3.9% that day

• Deepest fall -14.5% (March 19 → April 7)
• Best day +7.6% (April 9)
• Worst day -6.0% (April 4)
• $10,000 at the start of 2025 → $15,501 as of October 2, 2026 (+28.4%/yr over 1.8 yrs) any amount, any dates →

The Japanese Stock Market gained 7.0% in 2024 with dividends reinvested (+4.6% in price alone) — the 14th best of 29 years since 1997. EWJ went from 64.14 at the close of December 29, 2023 to 67.10 on December 31, 2024, over 252 trading days (131 up, 121 down). It spent 7 of them below where it started.

1. 1
   Spot bitcoin ETFs approvedJanuary 10+1.8% that day
2. 2
   First record close since January 2022January 19+0.3% that day
3. 3
   Spring pullback lowApril 19-0.6% that day

   A 5.5% dip on sticky inflation and Middle East tension.
4. 4
   Nvidia briefly becomes the world's most valuable companyJune 18+0.1% that day
5. 5
   Yen carry-trade unwindAugust 5-1.9% that day

   Japan's Nikkei fell 12%; the VIX spiked to 65 intraday and the S&P 500 fell 3%.
6. 6
   The Fed's first cut, 50 basis pointsSeptember 18-0.5% that day
7. 7
   Trump electedNovember 6+0.4% that day

   The S&P 500 rose 2.5%, its best post-election day ever.
8. 8
   Hawkish Fed cutDecember 18-2.5% that day

   Fewer cuts pencilled in for 2025; the S&P 500 fell 2.9%.

• Deepest fall -12.2% (July 16 → August 6)
• Best day +2.9% (July 31)
• Worst day -4.8% (August 1)
• $10,000 at the start of 2024 → $16,592 as of October 2, 2026 (+20.1%/yr over 2.8 yrs) any amount, any dates →

The Japanese Stock Market gained 20.3% in 2023 with dividends reinvested (+17.8% in price alone) — the 7th best of 29 years since 1997. EWJ went from 54.44 at the close of December 30, 2022 to 64.14 on December 29, 2023, over 250 trading days (134 up, 113 down). It spent 2 of them below where it started.

1. 1
   The Fed slows to quarter-point hikesFebruary 1+0.3% that day
2. 2
   Silicon Valley Bank failsMarch 10-1.2% that day

   The second-largest bank failure in US history; Signature Bank followed on Sunday.
3. 3
   UBS takes over Credit SuisseMarch 19+1.5% next session
4. 4
   First Republic seized and sold to JPMorganMay 1-0.1% that day
5. 5
   Nvidia jumps 24% on AI demandMay 25+0.6% that day

   The guidance that turned the AI rally into the year's story.
6. 6
   Debt-ceiling deal signedJune 3-0.4% next session
7. 7
   A new bull marketJune 8+0.9% that day

   The S&P 500 closed 20% above its October 2022 low.
8. 8
   The Fed's final hike, to 5.25–5.5%July 26+0.4% that day
9. 9
   Autumn correction lowOctober 27+0.8% that day

   Down 10% from July as ten-year yields touched 5%.
10. 10
    The Fed pencils in 2024 cutsDecember 13+1.5% that day

    The index rallied to within a point of its record by year end.

• Deepest fall -10.1% (June 14 → October 26)
• Best day +2.5% (June 1)
• Worst day -2.6% (June 7)
• $10,000 at the start of 2023 → $19,959 as of October 2, 2026 (+20.2%/yr over 3.8 yrs) any amount, any dates →

The Japanese Stock Market lost 17.7% in 2022 with dividends reinvested (-18.7% in price alone) — the 25th best of 29 years since 1997. EWJ went from 66.96 at the close of December 31, 2021 to 54.44 on December 30, 2022, over 251 trading days (108 up, 142 down).

1. 1
   Record close of 4,797January 3+0.1% that day

   The bull-market peak, on the first trading day of the year.
2. 2
   Russia invades UkraineFebruary 24-0.6% that day
3. 3
   The Fed's first hike, 25 basis pointsMarch 16+2.2% that day
4. 4
   S&P 500 falls 3.6%May 5-2.7% that day

   The day after a 50-basis-point hike.
5. 5
   Bear market confirmedJune 13-2.8% that day

   The S&P 500 fell 3.9% to close 21% below its January peak after an 8.6% CPI print.
6. 6
   First 75-basis-point hike since 1994June 15+1.1% that day
7. 7
   Powell's “pain” speech at Jackson HoleAugust 26-2.4% that day

   The S&P 500 fell 3.4%.
8. 8
   Hot CPI: S&P 500 falls 4.3%September 13-3.3% that day

   The worst day since June 2020.
9. 9
   The bear-market low: S&P 500 at 3,577October 12-0.7% that day

   Down 25% from January.
10. 10
    Soft CPI: S&P 500 rises 5.5%November 10+5.6% that day

    Its best day since April 2020.
11. 11
    FTX files for bankruptcyNovember 11+2.0% that day

• Deepest fall -28.1% (January 12 → October 20)
• Best day +5.6% (November 10)
• Worst day -3.5% (March 7)
• $10,000 at the start of 2022 → $16,421 as of October 2, 2026 (+11.0%/yr over 4.8 yrs) any amount, any dates →

The Japanese Stock Market gained 1.2% in 2021 with dividends reinvested (-0.9% in price alone) — the 19th best of 29 years since 1997. EWJ went from 67.56 at the close of December 31, 2020 to 66.96 on December 31, 2021, over 252 trading days (134 up, 118 down). It spent 21 of them below where it started.

1. 1
   Capitol riot; Georgia runoffs hand Democrats the SenateJanuary 6+1.2% that day
2. 2
   GameStop short squeeze peaksJanuary 27-2.2% that day

   The S&P 500 fell 2.6%, its worst day since October.
3. 3
   $1.9tn American Rescue Plan signedMarch 11-0.5% that day
4. 4
   Archegos collapsesMarch 26+1.3% that day

   Its banks dumped $20bn of stock in a day.
5. 5
   Coinbase lists on NasdaqApril 14-0.2% that day
6. 6
   The Fed pulls forward its rate-hike outlookJune 16-0.2% that day
7. 7
   Evergrande scareSeptember 20-1.4% that day

   The S&P 500 fell 1.7% on fears of a Chinese property default.
8. 8
   The Fed announces the taperNovember 3+0.6% that day
9. 9
   OmicronNovember 26-2.6% that day

   The S&P 500 fell 2.3% on a half-day session.
10. 10
    Powell retires the word “transitory”November 30-1.2% that day

• Deepest fall -11.0% (September 15 → December 1)
• Best day +2.8% (September 3)
• Worst day -3.4% (May 12)
• $10,000 at the start of 2021 → $16,611 as of October 2, 2026 (+9.2%/yr over 5.8 yrs) any amount, any dates →

The Japanese Stock Market gained 15.4% in 2020 with dividends reinvested (+14.0% in price alone) — the 9th best of 29 years since 1997. EWJ went from 59.24 at the close of December 31, 2019 to 67.56 on December 31, 2020, over 253 trading days (140 up, 113 down). It spent 163 of them below where it started.

1. 1
   Pre-pandemic record: S&P 500 at 3,386February 19-0.2% that day
2. 2
   Emergency 50-basis-point Fed cutMarch 3-1.3% that day
3. 3
   Circuit breaker halts tradingMarch 9-5.1% that day

   The first since 1997; oil crashed 25% on a Saudi–Russia price war. The S&P 500 fell 7.6%.
4. 4
   WHO declares a pandemicMarch 11-3.4% that day
5. 5
   S&P 500 falls 9.5%March 12-9.8% that day
6. 6
   The Fed cuts to zero and restarts QEMarch 15-6.6% next session

   Announced on a Sunday evening.
7. 7
   S&P 500 falls 12% — worst day since 1987March 16-6.6% that day
8. 8
   The bottom: S&P 500 at 2,237March 23-1.0% that day

   The Fed announced unlimited QE that morning; the index was down 34% from February.
9. 9
   $2.2tn CARES Act signedMarch 27-0.1% that day
10. 10
    Oil settles below zeroApril 20-1.5% that day

    WTI closed at −$37.63 as storage ran out.
11. 11
    New record highAugust 18+0.3% that day

    The full recovery took five months.
12. 12
    Pfizer's vaccine worksNovember 9+2.9% that day

    The sharpest one-day rotation into cyclicals on record.

• Deepest fall -28.0% (February 6 → March 16)
• Best day +6.9% (March 24)
• Worst day -9.8% (March 12)
• $10,000 at the start of 2020 → $19,169 as of October 2, 2026 (+10.1%/yr over 6.8 yrs) any amount, any dates →

The Japanese Stock Market gained 19.3% in 2019 with dividends reinvested (+16.9% in price alone) — the 8th best of 29 years since 1997. EWJ went from 50.69 at the close of December 31, 2018 to 59.24 on December 31, 2019, over 252 trading days (141 up, 109 down).

1. 1
   Powell signals patience on ratesJanuary 4+3.4% that day

   The S&P 500 rose 3.4%; the pivot from hiking was on.
2. 2
   Tariff escalation announced by tweetMay 5-1.0% next session

   May was the year's only losing month.
3. 3
   First Fed cut since 2008July 31-0.1% that day
4. 4
   The 2s–10s yield curve invertsAugust 14-2.4% that day

   The S&P 500 fell 2.9%.
5. 5
   Repo rates spike; the Fed intervenesSeptember 17+0.4% that day
6. 6
   The Fed's third cut of the yearOctober 30+0.3% that day
7. 7
   Phase-one US–China trade deal announcedDecember 13+0.3% that day

• Deepest fall -6.0% (July 3 → August 14)
• Best day +3.4% (January 4)
• Worst day -2.5% (August 5)
• $10,000 at the start of 2019 → $22,876 as of October 2, 2026 (+11.3%/yr over 7.8 yrs) any amount, any dates →

The Japanese Stock Market lost 14.1% in 2018 with dividends reinvested (-15.4% in price alone) — the 23rd best of 29 years since 1997. EWJ went from 59.93 at the close of December 29, 2017 to 50.69 on December 31, 2018, over 251 trading days (131 up, 117 down).

1. 1
   S&P 500 record close of 2,873January 26+0.7% that day
2. 2
   “Volmageddon”February 5-4.7% that day

   The S&P 500 fell 4.1% and the VIX more than doubled in a day; several short-volatility products were wiped out.
3. 3
   Tariffs on China announcedMarch 22-0.9% that day

   The S&P 500 fell 2.5%; the trade war had begun.
4. 4
   Record close of 2,931September 20+0.3% that day

   The high before the fourth-quarter slide.
5. 5
   S&P 500 falls 3.3%October 10-2.5% that day

   The start of a three-month, 20% decline.
6. 6
   The Fed's fourth hike of the yearDecember 19-1.5% that day

   Powell's “autopilot” remark on the balance sheet sent stocks lower.
7. 7
   Christmas Eve lowDecember 24-1.1% that day

   The S&P 500 closed at 2,351, down 19.8% from September.
8. 8
   Dow gains 1,086 pointsDecember 26+1.9% that day

   Its largest one-day point gain to date.

• Deepest fall -22.9% (January 26 → December 24)
• Best day +2.4% (February 6)
• Worst day -4.7% (February 5)
• $10,000 at the start of 2018 → $19,651 as of October 2, 2026 (+8.0%/yr over 8.8 yrs) any amount, any dates →

The Japanese Stock Market gained 24.3% in 2017 with dividends reinvested (+22.7% in price alone) — the 6th best of 29 years since 1997. EWJ went from 48.86 at the close of December 30, 2016 to 59.93 on December 29, 2017, over 251 trading days (142 up, 105 down).

1. 1
   Dow closes above 20,000January 25+1.0% that day
2. 2
   Fed hikes, the first of three in 2017March 15+1.0% that day
3. 3
   One-day tech routJune 9-0.9% that day

   The megacaps fell sharply on a valuation call; the index barely noticed.
4. 4
   The Fed begins shrinking its balance sheetOctober 2+0.0% that day
5. 5
   Jerome Powell nominated as Fed chairNovember 2+0.1% that day
6. 6
   Tax Cuts and Jobs Act signedDecember 22+0.5% that day

   The S&P 500 rose every single month of 2017 on a total-return basis — the first time ever.

• Deepest fall -3.3% (March 28 → April 13)
• Best day +2.1% (June 2)
• Worst day -1.1% (January 17)
• $10,000 at the start of 2017 → $24,419 as of October 2, 2026 (+9.6%/yr over 9.8 yrs) any amount, any dates →

The Japanese Stock Market gained 2.8% in 2016 with dividends reinvested (+0.8% in price alone) — the 18th best of 29 years since 1997. EWJ went from 48.48 at the close of December 31, 2015 to 48.86 on December 30, 2016, over 252 trading days (123 up, 117 down). It spent 142 of them below where it started.

1. 1
   Oil falls below $27January 20-3.8% that day

   The worst start to a year for stocks on record.
2. 2
   The year's closing low: S&P 500 at 1,829February 11-2.0% that day
3. 3
   The UK votes to leave the EUJune 23+2.2% that day

   The S&P 500 fell 3.6% the next day.
4. 4
   First record close in fourteen monthsJuly 11+2.4% that day
5. 5
   Trump electedNovember 8-0.1% that day

   Futures fell 5% overnight, then the index rallied to records within days.
6. 6
   OPEC agrees its first production cut since 2008November 30-0.2% that day
7. 7
   The Fed's second hikeDecember 14-1.5% that day

• Deepest fall -14.9% (December 31, 2015 → February 11)
• Best day +4.5% (January 22)
• Worst day -4.6% (April 28)
• $10,000 at the start of 2016 → $25,094 as of October 2, 2026 (+8.9%/yr over 10.8 yrs) any amount, any dates →

The Japanese Stock Market gained 9.2% in 2015 with dividends reinvested (+7.8% in price alone) — the 13th best of 29 years since 1997. EWJ went from 44.96 at the close of December 31, 2014 to 48.48 on December 31, 2015, over 252 trading days (135 up, 109 down). It spent 7 of them below where it started.

1. 1
   Switzerland abandons the franc's euro capJanuary 15+0.7% that day
2. 2
   The ECB announces quantitative easingJanuary 22+0.4% that day
3. 3
   S&P 500 record close of 2,131May 21+0.4% that day

   The high for the year; the index went nowhere for the next fourteen months.
4. 4
   Greece closes its banksJune 29-2.5% that day
5. 5
   China devalues the yuanAugust 11-1.8% that day
6. 6
   Black MondayAugust 24-3.5% that day

   The Dow fell 1,000 points at the open; the S&P 500 lost 3.9% and the VIX hit 53.
7. 7
   The Fed holds, citing global risksSeptember 17-0.1% that day
8. 8
   First Fed hike since 2006December 16+2.5% that day

• Deepest fall -15.6% (April 28 → September 29)
• Best day +4.0% (August 26)
• Worst day -4.5% (September 1)
• $10,000 at the start of 2015 → $27,394 as of October 2, 2026 (+9.0%/yr over 11.8 yrs) any amount, any dates →

The Japanese Stock Market lost 6.2% in 2014 with dividends reinvested (-7.4% in price alone) — the 21st best of 29 years since 1997. EWJ went from 48.56 at the close of December 31, 2013 to 44.96 on December 31, 2014, over 252 trading days (122 up, 123 down).

1. 1
   Russia annexes CrimeaMarch 18-0.1% that day
2. 2
   Alibaba IPOSeptember 19+0.2% that day

   The largest ever, at $25bn.
3. 3
   The Treasury flash rallyOctober 15-0.5% that day

   Stocks fell 3% intraday at the low of the year's only real correction.
4. 4
   The Fed ends QE3October 29+0.5% that day
5. 5
   OPEC declines to cut productionNovember 27-0.3% next session

   Oil, already down a third since June, kept falling.
6. 6
   Ruble crisisDecember 16+0.1% that day

   Russia's central bank hiked to 17% overnight.

• Deepest fall -11.1% (July 1 → October 16)
• Best day +5.0% (October 31)
• Worst day -2.9% (April 10)
• $10,000 at the start of 2014 → $25,690 as of October 2, 2026 (+7.7%/yr over 12.8 yrs) any amount, any dates →

The Japanese Stock Market gained 26.0% in 2013 with dividends reinvested (+24.5% in price alone) — the 3rd best of 29 years since 1997. EWJ went from 39.00 at the close of December 31, 2012 to 48.56 on December 31, 2013, over 252 trading days (134 up, 112 down). It spent 3 of them below where it started.

1. 1
   Fiscal-cliff deal signedJanuary 2+2.5% that day

   The S&P 500 rose 2.5%, its best day of the year.
2. 2
   First record close since 2007March 28-0.2% that day

   The S&P 500 finally passed its October 2007 high.
3. 3
   Bernanke raises the possibility of tapering QEMay 22-1.1% that day

   The “taper tantrum” in bonds began.
4. 4
   Bernanke lays out a timeline for ending QEJune 19-1.2% that day

   Stocks fell 2.5% the next day.
5. 5
   Government shutdown beginsOctober 1-0.4% that day

   Sixteen days, ended by a debt-ceiling deal on October 16.
6. 6
   The Fed announces the taperDecember 18+2.0% that day

   $10bn less a month; stocks rose 1.7% to a record.

• Deepest fall -13.6% (May 21 → June 6)
• Best day +4.1% (April 4)
• Worst day -4.2% (May 23)
• $10,000 at the start of 2013 → $32,368 as of October 2, 2026 (+8.9%/yr over 13.8 yrs) any amount, any dates →

The Japanese Stock Market gained 9.2% in 2012 with dividends reinvested (+7.0% in price alone) — the 12th best of 29 years since 1997. EWJ went from 36.44 at the close of December 30, 2011 to 39.00 on December 31, 2012, over 250 trading days (123 up, 113 down). It spent 54 of them below where it started.

1. 1
   Facebook IPOMay 18-1.4% that day
2. 2
   Weak jobs report; S&P 500 falls 2.5%June 1-2.7% that day

   The year's low came the following Monday.
3. 3
   Draghi: “whatever it takes” to preserve the euroJuly 26+1.5% that day
4. 4
   QE3 announcedSeptember 13+1.6% that day

   $40bn a month of mortgage bonds, open-ended.
5. 5
   Obama re-electedNovember 6+0.2% that day

   Stocks fell for a week on fiscal-cliff worries.
6. 6
   Fiscal-cliff deal reachedDecember 31+0.8% that day

   Passed by the House on New Year's Day.

• Deepest fall -15.1% (April 2 → June 1)
• Best day +2.1% (June 29)
• Worst day -2.7% (June 1)
• $10,000 at the start of 2012 → $35,352 as of October 2, 2026 (+8.9%/yr over 14.8 yrs) any amount, any dates →

The Japanese Stock Market lost 14.8% in 2011 with dividends reinvested (-16.5% in price alone) — the 24th best of 29 years since 1997. EWJ went from 43.64 at the close of December 31, 2010 to 36.44 on December 30, 2011, over 252 trading days (125 up, 115 down).

1. 1
   Japan earthquake, tsunami and FukushimaMarch 11-1.6% that day
2. 2
   Debt-ceiling deal signed hours before the deadlineAugust 2-0.8% that day
3. 3
   S&P downgrades the United States to AA+August 5+0.9% that day

   After the close on a Friday.
4. 4
   First session after the downgradeAugust 8-4.8% that day

   The S&P 500 fell 6.7%.
5. 5
   The Fed pledges near-zero rates through mid-2013August 9+5.2% that day
6. 6
   Operation Twist announcedSeptember 21-1.3% that day
7. 7
   The year's closing low: S&P 500 at 1,099October 3-1.6% that day
8. 8
   EU agrees a Greek debt writedownOctober 27+3.9% that day

   Stocks jumped 3.4% on the day.

• Deepest fall -23.2% (February 17 → November 23)
• Best day +5.2% (August 9)
• Worst day -7.0% (March 14)
• $10,000 at the start of 2011 → $30,136 as of October 2, 2026 (+7.3%/yr over 15.8 yrs) any amount, any dates →

The Japanese Stock Market gained 13.6% in 2010 with dividends reinvested (+12.0% in price alone) — the 11th best of 29 years since 1997. EWJ went from 38.96 at the close of December 31, 2009 to 43.64 on December 31, 2010, over 252 trading days (131 up, 114 down). It spent 64 of them below where it started.

1. 1
   Greece requests an EU–IMF bailoutApril 23+0.7% that day

   The eurozone debt crisis begins in earnest.
2. 2
   The Flash CrashMay 6-0.6% that day

   The Dow fell almost 1,000 points in minutes before recovering most of it.
3. 3
   Dodd–Frank Act signedJuly 21-1.8% that day
4. 4
   Bernanke hints at more easing at Jackson HoleAugust 27+1.3% that day
5. 5
   QE2 announced: $600bn of Treasury purchasesNovember 3+0.3% that day

• Deepest fall -14.2% (April 15 → June 7)
• Best day +3.2% (October 5)
• Worst day -3.4% (August 11)
• $10,000 at the start of 2010 → $34,231 as of October 2, 2026 (+7.6%/yr over 16.8 yrs) any amount, any dates →

The Japanese Stock Market gained 3.1% in 2009 with dividends reinvested (+1.7% in price alone) — the 17th best of 29 years since 1997. EWJ went from 38.32 at the close of December 31, 2008 to 38.96 on December 31, 2009, over 252 trading days (124 up, 119 down). It spent 143 of them below where it started.

1. 1
   $787bn stimulus (ARRA) signedFebruary 17-3.4% that day
2. 2
   Bear-market low: S&P 500 at 677March 9-3.5% that day

   Down 57% from the October 2007 peak. The intraday low of 666 came on March 6.
3. 3
   The Fed expands QE, adding $300bn of Treasury purchasesMarch 18+2.3% that day
4. 4
   Mark-to-market accounting rules relaxedApril 2+3.6% that day

   The FASB eased how banks had to value illiquid assets.
5. 5
   Bank stress-test results releasedMay 7-2.3% that day
6. 6
   General Motors files for bankruptcyJune 1+1.6% that day

   The recession ended that month, the NBER later ruled.

• Deepest fall -28.7% (January 2 → March 9)
• Best day +7.8% (March 23)
• Worst day -4.3% (January 20)
• $10,000 at the start of 2009 → $35,307 as of October 2, 2026 (+7.4%/yr over 17.8 yrs) any amount, any dates →

The Japanese Stock Market lost 27.0% in 2008 with dividends reinvested (-27.9% in price alone) — the 27th best of 29 years since 1997. EWJ went from 53.16 at the close of December 31, 2007 to 38.32 on December 31, 2008, over 253 trading days (119 up, 129 down).

1. 1
   Emergency 75-basis-point Fed cutJanuary 22-3.7% that day

   The largest single cut since 1984, announced before the open after a global selloff.
2. 2
   Bear Stearns sold to JPMorgan for $2 a shareMarch 16+2.9% next session

   A Fed-backed rescue over a weekend.
3. 3
   Fannie Mae and Freddie Mac taken into conservatorshipSeptember 7+2.5% next session
4. 4
   Lehman Brothers files for bankruptcySeptember 15-2.8% that day

   Merrill Lynch sold itself to Bank of America the same day.
5. 5
   AIG rescued with an $85bn Fed loanSeptember 16-0.9% that day
6. 6
   The House rejects the $700bn bailoutSeptember 29-7.7% that day

   The S&P 500 fell 8.8% and the Dow 777 points — the largest point drop in its history.
7. 7
   TARP signed into lawOctober 3-2.0% that day

   After a second House vote passed it.
8. 8
   Biggest one-day gain since 1933October 13+15.8% that day

   The S&P 500 rose 11.6% on coordinated bank recapitalisations.
9. 9
   The year's closing low: S&P 500 at 752November 20-2.9% that day
10. 10
    Fed cuts to 0–0.25%December 16+5.1% that day

    The zero lower bound; rates stayed there seven years.

• Deepest fall -43.3% (June 5 → October 27)
• Best day +15.8% (October 13)
• Worst day -10.4% (October 15)
• $10,000 at the start of 2008 → $25,784 as of October 2, 2026 (+5.2%/yr over 18.8 yrs) any amount, any dates →

The Japanese Stock Market lost 5.5% in 2007 with dividends reinvested (-6.5% in price alone) — the 20th best of 29 years since 1997. EWJ went from 56.84 at the close of December 29, 2006 to 53.16 on December 31, 2007, over 251 trading days (121 up, 123 down).

1. 1
   Shanghai falls 9%; Dow drops 416February 27-2.4% that day

   The first global tremor of the year.
2. 2
   Two Bear Stearns hedge funds file for bankruptcyJuly 31-0.5% that day

   Both had been wiped out by subprime mortgage bets.
3. 3
   BNP Paribas freezes three funds; the credit crunch beginsAugust 9-1.6% that day

   The ECB injected €95bn into the banking system the same day.
4. 4
   The Fed's first cut of the cycle, 50 basis pointsSeptember 18+1.0% that day
5. 5
   S&P 500 record close of 1,565October 9-0.3% that day

   The pre-crisis peak.

• Deepest fall -13.9% (February 26 → December 17)
• Best day +2.6% (November 20)
• Worst day -3.9% (December 14)
• $10,000 at the start of 2007 → $24,366 as of October 2, 2026 (+4.6%/yr over 19.8 yrs) any amount, any dates →

The Japanese Stock Market gained 5.9% in 2006 with dividends reinvested (+5.1% in price alone) — the 15th best of 29 years since 1997. EWJ went from 54.08 at the close of December 30, 2005 to 56.84 on December 29, 2006, over 250 trading days (126 up, 117 down). It spent 67 of them below where it started.

1. 1
   Greenspan's last FOMC meetingJanuary 31-0.4% that day

   Bernanke took over the next day.
2. 2
   Fed hikes to 5%May 10-1.4% that day

   A sharp selloff in commodities and emerging markets followed through June.
3. 3
   Mid-year lowJune 13-3.5% that day

   The S&P 500 fell 8% from its May high.
4. 4
   The Fed's seventeenth and final hike, to 5.25%June 29+4.2% that day
5. 5
   Dow closes above its January 2000 recordOctober 3-0.4% that day

   The first new high in almost seven years.

• Deepest fall -21.0% (May 9 → June 13)
• Best day +4.2% (June 29)
• Worst day -3.5% (June 13)
• $10,000 at the start of 2006 → $25,792 as of October 2, 2026 (+4.7%/yr over 20.8 yrs) any amount, any dates →

The Japanese Stock Market gained 24.3% in 2005 with dividends reinvested (+23.8% in price alone) — the 5th best of 29 years since 1997. EWJ went from 43.68 at the close of December 31, 2004 to 54.08 on December 30, 2005, over 252 trading days (127 up, 117 down). It spent 148 of them below where it started.

1. 1
   GM and Ford downgraded to junkMay 5+0.1% that day
2. 2
   Hurricane Katrina makes landfallAugust 29-0.1% that day

   Oil briefly topped $70.
3. 3
   Bernanke nominated to succeed GreenspanOctober 24+0.8% that day
4. 4
   Fed's thirteenth straight hike, to 4.25%December 13+0.8% that day

• Deepest fall -10.0% (March 11 → April 18)
• Best day +3.3% (September 9)
• Worst day -3.0% (March 29)
• $10,000 at the start of 2005 → $32,069 as of October 2, 2026 (+5.5%/yr over 21.8 yrs) any amount, any dates →

The Japanese Stock Market gained 13.7% in 2004 with dividends reinvested (+13.3% in price alone) — the 10th best of 29 years since 1997. EWJ went from 38.56 at the close of December 31, 2003 to 43.68 on December 31, 2004, over 252 trading days (134 up, 114 down). It spent 41 of them below where it started.

1. 1
   Madrid train bombingsMarch 11-2.1% that day

   The S&P 500's sharpest fall of the spring.
2. 2
   The Fed starts hiking, to 1.25%June 30+0.5% that day

   The first of seventeen quarter-point moves over two years.
3. 3
   Google IPOAugust 19+0.1% that day
4. 4
   Oil tops $55 a barrelOctober 25+0.4% that day

   A record at the time.
5. 5
   Bush re-electedNovember 2+1.2% that day

   The rally that followed carried the index to its best close since 2001.

• Deepest fall -19.8% (April 12 → May 17)
• Best day +4.1% (June 7)
• Worst day -6.3% (May 10)
• $10,000 at the start of 2004 → $36,475 as of October 2, 2026 (+5.9%/yr over 22.8 yrs) any amount, any dates →

The Japanese Stock Market gained 38.7% in 2003 with dividends reinvested (+38.7% in price alone) — the 2nd best of 29 years since 1997. EWJ went from 27.80 at the close of December 31, 2002 to 38.56 on December 31, 2003, over 252 trading days (133 up, 112 down). It spent 83 of them below where it started.

1. 1
   Pre-war lowMarch 11-0.9% that day

   The S&P 500 closed at 801, retesting the October 2002 bottom.
2. 2
   US-led invasion of Iraq beginsMarch 20+2.2% that day

   Stocks had begun rallying the week before.
3. 3
   Dividend and capital-gains tax cut signedMay 28-0.9% that day

   Both rates fell to 15%.
4. 4
   Fed cuts to 1%June 25-0.7% that day

   The lowest policy rate since 1958.
5. 5
   Saddam Hussein capturedDecember 14-0.3% next session

• Deepest fall -13.9% (January 23 → April 25)
• Best day +5.0% (July 2)
• Worst day -3.3% (October 23)
• $10,000 at the start of 2003 → $50,602 as of October 2, 2026 (+7.1%/yr over 23.8 yrs) any amount, any dates →

The Japanese Stock Market lost 9.9% in 2002 with dividends reinvested (-9.9% in price alone) — the 22nd best of 29 years since 1997. EWJ went from 30.84 at the close of December 31, 2001 to 27.80 on December 31, 2002, over 252 trading days (117 up, 128 down).

1. 1
   WorldCom discloses a $3.8bn accounting fraudJune 25+0.4% that day

   It filed for bankruptcy on July 21, then the largest in US history.
2. 2
   S&P 500 closes at 798July 23-0.9% that day

   The July capitulation low after a 20% fall in two months.
3. 3
   Sarbanes–Oxley Act signedJuly 30-0.4% that day
4. 4
   Bear-market low: S&P 500 at 777October 9-3.7% that day

   Down 49% from the March 2000 peak.
5. 5
   Fed cuts 50 basis points to 1.25%November 6+0.1% that day

• Deepest fall -27.7% (May 22 → October 9)
• Best day +5.8% (March 4)
• Worst day -5.0% (September 3)
• $10,000 at the start of 2002 → $45,614 as of October 2, 2026 (+6.3%/yr over 24.8 yrs) any amount, any dates →

The Japanese Stock Market lost 30.3% in 2001 with dividends reinvested (-30.3% in price alone) — the worst of 29 years since 1997. EWJ went from 44.25 at the close of December 29, 2000 to 30.84 on December 31, 2001, over 248 trading days (107 up, 132 down).

1. 1
   Surprise 50-basis-point Fed cutJanuary 3+4.5% that day

   The Nasdaq jumped 14% in a day, its biggest gain ever.
2. 2
   September 11 attacksSeptember 11-3.6% next session

   US markets closed for four sessions, the longest shutdown since 1933.
3. 3
   Markets reopenSeptember 17-3.6% that day

   The Dow fell 684 points, then its largest one-day point drop.
4. 4
   Post-attack lowSeptember 21-1.0% that day

   The S&P 500 closed at 966, down 12% on the week.
5. 5
   Enron files for bankruptcyDecember 2-2.1% next session
6. 6
   The Fed's eleventh cut of the year, to 1.75%December 11+0.9% that day

• Deepest fall -34.9% (May 7 → December 26)
• Best day +7.1% (April 18)
• Worst day -6.7% (March 14)
• $10,000 at the start of 2001 → $31,791 as of October 2, 2026 (+4.6%/yr over 25.8 yrs) any amount, any dates →

The Japanese Stock Market lost 29.9% in 2000 with dividends reinvested (-32.2% in price alone) — the 28th best of 29 years since 1997. EWJ went from 65.25 at the close of December 31, 1999 to 44.25 on December 29, 2000, over 252 trading days (101 up, 125 down).

1. 1
   AOL agrees to buy Time WarnerJanuary 10+1.7% that day

   The peak deal of the dot-com era.
2. 2
   Nasdaq peaks at 5,048March 10-0.8% that day
3. 3
   S&P 500 record close of 1,527March 24+0.0% that day

   The top of the dot-com bull market; it would not be seen again until 2007.
4. 4
   Nasdaq falls 9.7% in a dayApril 14-3.2% that day

   The S&P 500 lost 5.8%; the worst week for stocks since 1987.
5. 5
   Fed hikes 50 basis points to 6.5%May 16+0.4% that day

   The last hike of the cycle.
6. 6
   Election day — with no resultNovember 7-0.5% that day

   The Bush–Gore recount left the outcome unknown for five weeks.
7. 7
   Supreme Court ends the recountDecember 12-1.5% that day

• Deepest fall -31.9% (March 31 → December 21)
• Best day +6.1% (June 29)
• Worst day -6.2% (June 30)
• $10,000 at the start of 2000 → $22,274 as of October 2, 2026 (+3.0%/yr over 26.8 yrs) any amount, any dates →

The Japanese Stock Market gained 60.9% in 1999 with dividends reinvested (+59.1% in price alone) — the best of 29 years since 1997. EWJ went from 41.00 at the close of December 31, 1998 to 65.25 on December 31, 1999, over 252 trading days (121 up, 98 down). It spent 26 of them below where it started.

1. 1
   The euro's first trading dayJanuary 4-0.6% that day
2. 2
   Dow closes above 10,000 for the first timeMarch 29+1.6% that day
3. 3
   The Fed begins raising rates againJune 30+0.0% that day

   The first of three hikes in 1999 as the economy ran hot.
4. 4
   Gramm–Leach–Bliley Act signedNovember 12+0.4% that day

   Repealed the Glass–Steagall separation of commercial and investment banking.
5. 5
   Y2K rolloverDecember 31+0.8% that day

   The Nasdaq finished 1999 up 86%, its best year ever.

• Deepest fall -10.1% (April 14 → May 21)
• Best day +4.5% (March 5)
• Worst day -3.7% (May 17)
• $10,000 at the start of 1999 → $35,831 as of October 2, 2026 (+4.7%/yr over 27.8 yrs) any amount, any dates →

The Japanese Stock Market gained 3.9% in 1998 with dividends reinvested (+3.8% in price alone) — the 16th best of 29 years since 1997. EWJ went from 39.50 at the close of December 31, 1997 to 41.00 on December 31, 1998, over 252 trading days (104 up, 115 down). It spent 119 of them below where it started.

1. 1
   Russia defaults and devalues the rubleAugust 17+0.0% that day
2. 2
   Dow falls 512 pointsAugust 31-0.8% that day

   The S&P 500's worst day of the year as the Russia crisis spread.
3. 3
   The New York Fed organises the LTCM rescueSeptember 23+3.0% that day

   Long-Term Capital Management, a hedge fund with $100bn+ of positions, is recapitalised by its banks.
4. 4
   First of three Fed cuts in seven weeksSeptember 29+1.5% that day
5. 5
   Surprise inter-meeting Fed cutOctober 15+4.8% that day

   Announced after the close; the rally that followed carried the index to new highs by November.

• Deepest fall -33.4% (February 9 → October 1)
• Best day +13.1% (October 7)
• Worst day -6.6% (April 27)
• $10,000 at the start of 1998 → $37,238 as of October 2, 2026 (+4.7%/yr over 28.8 yrs) any amount, any dates →

The Japanese Stock Market lost 24.4% in 1997 with dividends reinvested (-24.4% in price alone) — the 26th best of 29 years since 1997. EWJ went from 52.25 at the close of December 31, 1996 to 39.50 on December 31, 1997, over 253 trading days (101 up, 111 down).

1. 1
   The Fed's only hike of the year, to 5.5%March 25+1.6% that day
2. 2
   Thailand floats the bahtJuly 2+0.0% that day

   The start of the Asian financial crisis.
3. 3
   Dow drops 554 points; trading haltedOctober 27-5.4% that day

   The NYSE's circuit breakers triggered for the first time.
4. 4
   Record rebound the next dayOctober 28+5.1% that day

   The Dow gained 337 points, then its largest point gain ever.

• Deepest fall -33.9% (June 26 → December 23)
• Best day +5.1% (October 28)
• Worst day -6.3% (November 7)
• $10,000 at the start of 1997 → $28,163 as of October 2, 2026 (+3.5%/yr over 29.8 yrs) any amount, any dates →