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EDIT: This is wrong.

There's no reason to ignore dividends. If you look at total return then it's above the high.




According to https://dqydj.com/nikkei-return-calculator-dividend-reinvest...

Nikkei is down 36% since January 1990 if you reinvest dividends. Do you have a source for your claim?


You're right. I read a chart wrong.




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