Nikkei
Updated
What it is
The Nikkei 225 is the main stock market index for the Tokyo Stock Exchange, tracking 225 large, liquid Japanese companies across a wide range of industries. Unlike the market-cap-weighted S&P 500, it is a price-weighted index, meaning higher-priced shares move it more, and it has been published by the Nihon Keizai Shimbun since 1950.
Why it matters lately
The Nikkei has been on a record-breaking run through 2026, closing above 59,000 on April 16, above 63,000 on May 13, above 66,000 on May 29, climbing past 65,000 for the first time on May 25, and closing above 72,000 for the first time on June 22, 2026, a 1,103.90-point (1.54%) single-day jump that extended a six-session record run. The rally has continued even as the 2026 Iran war disrupted global oil and shipping, reflecting resilient Japanese corporate earnings and a weaker yen.
Asymmetric Analytics view
Inference (AA): The Nikkei's record 2026 run despite the Iran war and global food/energy shocks is a useful cross-check on how much of the 2026 macro shock is being absorbed by risk assets versus commodities.