Nikkei 225 · August 21, 1992
The emergency package
+6.22%
single-day change vs previous close
Part of a longer stretch
The rally the stimulus bought
early in it · 1992-08-18 → 1993-09-13, +47.79% over the whole period
What happened that day?
- On 21 August 1992 the Nikkei 225 rose 6.22% in a single day
- Three years into the bubble's collapse, the index was less than half its peak
- Word was spreading that the government was preparing what would be its largest stimulus package to date. The announcement itself came a week later, on 28 August
- Alongside public works it included putting public money into the stock market
- Falling share prices cut bank capital, which cut lending — so defending the market was a financial stability issue
- Packages kept coming but the effects did not last. The Nikkei fell on until 2009
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 put together from the public record; where a specific source was consulted it is listed above.