---
title: 261024- Japan's stock market will become how
tags:  #economics  
author: [Mitz](https://www.docswell.com/user/jee54321)
site: [Docswell](https://www.docswell.com/)
thumbnail: https://bcdn.docswell.com/page/GEW1MMZQ72.jpg?width=480
description: 1989年に日経平均が約39,000円に達した後、2009年には約7,600円まで下落し、ピークから80%以上の下落を経験しました。2012年にアベノミクスが低いベースから始まり、株価は歴史的に安価でした。2008年金融危機以降、各国政府は流動性供給や金融システムの救済、大規模な金融緩和で介入しました。COVID-19時には企業支援や雇用保護、現金給付などの直接支援が行われました。日本のM2は約1,200兆円と大規模で、家計は預金を多く保有しています。金融システムはかつての銀行破綽やデフレから、現在は金融安定と流動性支援を重視するへと変化しました。大恐慌、バブル崩壊、リーマン・ショック、COVIDといった歴史的教訓を踏まえ、現代日本は市場リスクは残るものの、政策環境は過去とは大きく異なると結論付けられます。  おすすめタグ：日本株,アベノミクス,金融政策,COVID-19経済対策,歴史的教訓
published: October 24, 26
canonical: https://www.docswell.com/s/jee54321/5GNYRN-2026-10-24-221143
---
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261024 presented by jee54321
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Japan's Stock Market Has Crashed Before
Nikkei reached nearly 39,000 in 1989
Fell to around 7,600 in 2009
More than 80% decline from the peak
For British Readers
This was similar to:
A housing crash
A banking crisis
A stock market crash
occurring over a long period.
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Abenomics Started from a Very Low Base
Abenomics began in 2012
Nikkei was around 8,000–9,000
Japanese shares were historically cheap
For British Readers
Japan's recent rise looks dramatic partly because the starting point
was extremely depressed after two decades of weak growth.
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Governments Now Intervene More
After the 2008 Financial Crisis:
Central banks injected liquidity
Governments rescued financial systems
Large-scale monetary easing was introduced
Examples
US Federal Reserve
Bank of England
European Central Bank
Bank of Japan
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COVID Changed Economic Policy
During COVID-19:
Governments supported businesses
Governments protected jobs
Governments sent direct financial assistance
Japan Examples
Employment subsidies
Business support payments
Zero-interest emergency loans
Cash payments to citizens
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Japan Holds Massive Financial Savings
Japan's M2 money supply is around:
¥1,200 Trillion
Including:
Cash
Bank deposits
For British Readers
Japanese households traditionally keep more money in deposits and
less in financial assets than many Western countries.
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The Financial System Has Changed
Before: Policy makers often allowed:
Bank failures
Deflation
Credit contraction
Today: Policy makers tend to prioritise:
Financial stability
Liquidity support
Economic recovery
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Lessons from History
Major events that shaped modern policy:
Event
Great Depression (1930s)
Lesson Learned
Deflation can be devastating
Japan Bubble Collapse (1990s) Financial crises can last decades
Lehman Shock (2008)
Governments must stabilise banks
COVID Shock (2020)
Governments may support entire economies
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# Page. 11

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One Sentence Summary
Modern Japan still faces market risks, but today's policy environment
is very different from the one that allowed the long decline after the
1990 bubble collapse.
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