Nikkei 225 · May 22, 2013
Abenomics, the first leg
+88.38%
trough back to the old high
237 trading days · 2012-06-04 → 2013-05-22
this undid the slide that began 2007-12-26
What happened that day?
- From the low on 4 June 2012 to the high on 22 May 2013, the Nikkei rose 88.38% over 237 trading days
- A new government took office at the end of 2012 promising three things at once: massive monetary easing, fiscal spending, and structural reform
- The first was the substance: supply money without limit until inflation reached two percent
- The yen fell sharply, from below eighty to the dollar toward a hundred
- A cheaper yen raises exporters' reported profits immediately, which is why shares moved first
- An approach that had not worked for twenty years appeared to work this time. The inflation target, though, went unmet for years
- This high took the index back to where it had been in December 2007
Sources
Every figure on this page is recomputed from the original daily closing prices and checked against them at build time. The account of what happened is written from the sources listed above.