Nikkei 225 · April 27, 1987
The spring bonds moved first
-3.89%
single-day change vs previous close
What happened that day?
- On 27 April 1987 the Nikkei 225 fell 3.89%
- Japanese government bond prices were swinging violently, with trading crowded into a single issue
- At the same time the yen kept getting dearer, which works against exporters' profits
- Stocks rose anyway. With rates low, money that had nowhere else to go went into shares and land
- No single trigger can be pinned to this day
- The fall was only 5.79% from the peak and the index soon rose again
- This run carried on to the bubble's peak at the end of 1989
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.