Abstract
Japanese stock prices have shown quite dramatic fluctuations since the early 1980s. After reaching an all time high of 38 915 yen in December 1989, the Nikkei Stock Price Average plummeted to 14 309 yen in August 1992. In the seven years up to December 1989 there was a 5.7-fold rise, and in the following two or three years the stock price dropped sharply, to only 37 per cent of the peak period. The Japanese stock market, which recovered relatively quickly after the world-wide crash of stock prices on Black Monday in October 1987, hovered around 16 000–21 000 yen during 1992–3 and seems now to be in a long-term slump when compared with previous levels during the boom period of the late 1980s.
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