Here's a new chart that gives a closer view of the cyclical rallies and their duration during Japan's secular bear market, now in its 20th year.

I've been posting a weekly updates of a mega-bear market charts (here and here) that includes Japan's Nikkei 225. In addition, every month or so I've update an inflation-adjusted overlay of the Nikkei 225 and S&P 500 bubbles.

The table below documents the advances and declines and the elapsed time for each.

For the sake of comparison, the S&P 500 interim high thus far is 69.8% above the low set in March 2009. I update this statistic each business day in this chart.