Nikkei 225 · February 4, 2014

The winter money left emerging markets

-4.18%

single-day change vs previous close

Part of a longer stretch

Two years of more easing

early in it · 2013-06-13 → 2015-06-24, +67.68% over the whole period

What happened that day?

On 4 February 2014 the Nikkei 225 fell 4.18%
From January that year the US Fed actually began reducing its bond purchases
Money borrowed cheaply in dollars and invested in emerging markets went home, and currencies in Argentina, Turkey and elsewhere collapsed
In a flight from risk the yen strengthens, and Japan is pressed through that channel
Japan had no problem of its own. It still fell more than four percent on an emerging market currency crisis
Where global money moves sets Japan's index. That is the defining feature of this period
In this stretch the index was 14.62% below its peak

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.