I was curious about that, so I went and found this and played around a bit: https://dqydj.com/nikkei-return-calculator-dividend-reinvestment/ https://dqydj.com/

I was curious about that, so I went and found this and played around a bit: https://dqydj.com/nikkei-return-calculator-dividend-reinvestment/ https://dqydj.com/nikkei-return-calculator-dividend-reinvest... It looks like if you invested in January 1990, you'd still be slightly negative as of January 2020, even after including re-invested dividends when calculated in Yen. But, when calculated in dollars, it's positive, unless you adjust for inflation, then it's negative again.