Can anyone provide a good explanation as to why N225, or the Japanese stock market, has not been able to surpass its high of 38957 recorded in Dec 1989. Not only that, it has recently broken new low and is now trading at record low levels around 8500. After 19 years of hardwork and corporate earnings, how can the N225 be at its low? If it can happen to N225, why not the S&P 500? I mean Japan is not a Zimbabwean country. It is the second largest economy and it has generated so many powerful household brandnames. How can anyone say that stocks return about 10% over the long term? I really cannot comprehend. Please provide insights to me.