The Nikkei’s up 5x. The yen’s down 50%. The GDP’s down 25%. That’s not a bull market, it’s an illusion.
The Nikkei is up 5x since the GFC lows, now above 50,000, meanwhile:
In 2009
Japan GDP: ~5.3 trillion USD
USD/JPY: ~98Today
Japan GDP: ~4 trillion USD (end 2024)
USD/JPY: ~153Do you now realise why virtually nobody in Japan is celebrating these stocks milestones? pic.twitter.com/lsJrslyfLw
— JustDario 🏊♂️ (@DarioCpx) October 27, 2025
Asian shares rallied and U.S. futures jumped Monday, with Japan’s benchmark Nikkei 225 topping 50,000 for the first time.