THE wait is almost over for Japanese investors who've spent 25 years marking time as the stock market worked its way back from the crash of 1989.
It's not that the Topix index or Nikkei 225 Stock Average are back at their highs - they're at least 44 per cent below their bubble-era peaks. Going by market capitalisation, though, the value of shares on the Tokyo Stock Exchange is inching towards an all-time high and sat this week at one per cent below the record 611 trillion yen (S$6.8 trillion).
The increase shows shifting preferences in corporate Japan to equity capital from bank financing, with the number of public companies surging to 3,479 from 1,597 at the previous peak. Japan has more listed...
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