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       As China’s Markets Stumble, Japan Rises Toward Record

       A change in perception among investors about China and Japan is one of the biggest themes in the markets right now.

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       One-year stock market index performance

       Source: FactSet

       By The New York Times

       By Joe Rennison and Alexandra Stevenson

       Joe Rennison, who covers markets, reported from New York. Alexandra Stevenson, who writes about China, reported from Hong Kong.

       Jan. 26, 2024Updated 3:33 a.m. ET

       阅读简体中文版 阅读繁体中文版

       There’s a shift underway in Asia that’s reverberating through global financial markets.

       Japan’s stock market, overlooked by investors for decades, is making a furious comeback. The benchmark Nikkei 225 index is edging closer to the record it set on Dec. 29, 1989, which effectively marked the peak of Japan’s economic ascendancy before a collapse that led to decades of low growth.

       China, long an impossible-to-ignore market, has been spiraling downward. Stocks in China recently touched lows not seen since a rout in 2015, and Hong Kong’s Hang Seng Index was the worst-performing major market in the world last year. Stocks stemmed their slide only when Beijing recently signaled its intention to intervene but remain far below previous highs.

       This year was set to be a tumultuous one for global markets, with unpredictable swings as economic fortunes diverge and voters in more than 50 countries go to the polls. But there’s one unforeseen reversal already underway: a change in perception among investors about China and Japan.

       Seizing on this shift, Japan’s prime minister, Fumio Kishida, addressed more than 3,000 global financiers gathered in Hong Kong this week for a conference sponsored by Goldman Sachs. It was the first time a Japanese prime minister had given a keynote address at the event.

       Japan’s Nikkei 225 index

       Source: FactSet

       By The New York Times

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       Joe Rennison writes about financial markets, a beat that ranges from chronicling the vagaries of the stock market to explaining the often-inscrutable trading decisions of Wall Street insiders. More about Joe Rennison

       Alexandra Stevenson is the Shanghai bureau chief for The Times, reporting on China’s economy and society. More about Alexandra Stevenson

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