Japan is still off of its pre-earthquake levels, but here’s an interesting way of thinking about the Nikkei’s big comeback.
The Nikkei closed at 9620 on the March 14, the first full trading day after the March 11 earthquake.
It was March 15, however, that Fukushima became the number one story, and if you’ll recall, the Nikkei actually was down 16% at one point that day, as people feared the worst — a nuclear disaster possibly spreading radiation to Tokyo.
The fight is still going on at Fukushima, and it may take months, but the story is faded, and nobody is concerned about the spread of radiation to Tokyo right now.
With the Nikkei closing today at 9849, we’re now well above any level we saw since the nuke plant became a major worry.
The index needs to gain another 600 points to get to where it was the day before the earthquake.