In concert with the Yen’s 20% depreciation since October, the Nikkei has rallied 35% over the same time period. It’s a large move to be certain, but, also like the Yen, in the context of the index’s long term chart, it is almost inconsequential. Below is a chart of the Nikkei since 1984. The index is still 70% below its all time peak set in 1989 and 35% below it’s 2007 peak. Of course, if one were to price the index in dollars the picture would be slightly altered, but the value destruction is inescapable.