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Why japans stock index nikkie falling since 1990 contineously?

If compared with other world stock indices like dow jones, hang seng it is found that nikkie is falling every year. it came down from 38000 to 16000. I cant understand why this happened.

Public Comments

1. Actually, the Nikkei has NOT been "falling since 1990 continuously." Let's look at the numbers for January in each of the years since 1984, when the Nikkei first appeared: 1984……10,196…… 1985……11,993……17.6% 1986……13,024……8.6% 1987……20,048……53.9% 1988……23,622……17.8% 1989……31,581……33.7% 1990……37,189……17.8% 1991……23,293……-37.4% 1992……22,023……-5.5% 1993……17,024……-22.7% 1994……20,229……18.8% 1995……18,650……-7.8% 1996……20,813……11.6% 1997……18,330……-11.9% 1998……16,628……-9.3% 1999……14,499……-12.8% 2000……19,540……34.8% 2001……13,844……-29.2% 2002…… 9,998……-27.8% 2003…… 8,340……-16.6% 2004……10,784……29.3% 2005……11,388……5.6% 2006……16,650……46.2% 2007……17,383……4.4% (From Source #1, below) Look at the third column, which represents year-over-year growth. Note that between 1984 and 1990 -- period of five years -- the Nikkei almost quadrupled. Most people would probably call that a bubble. So the starting point of your comparison is the very high point of the Nikkei's history. Since 1990, the Nikkei has fallen in 10 years and risen in 7 years, with the bubble bursting -- dropping by more than one-half -- between 1990 and 1993. For an informative discussion of the Nikkei's gyration, see Source #2, below.