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The Japanese stock market peaked at the end of 1989 at almost 39,000. The bottom (so far) was in early 2009 when it briefly went below 7,000. Since 2000, it has not been higher than 18,000, and is currently trading at around 9,000.
Since the early 1980s, US consumer spending has been the driver of the global economy as its peaks and troughs have tended to lead trends in the rest of the world. It has been the most productive, large, developed economy in the world because it has been so successful at developing and applying new technology. The US stock market has been one of the best-performing markets over the last 25 years.