[martincmartin]

I believe Nikkei total return, i.e. with dividends reinvested, is higher than in 1989. So even money invested in 1989, if not touched, eventually outperformed cash. But it took a while.

[FabHK]

I had a quick look at the TOPIX total return index and it looks plausible (not sure there is a total return version of the Nikkei 225).