KOSPI · May 25, 1998
The Asian crisis flares again
-6.16%
single-day change vs previous close
Part of a longer stretch
Korea's IMF crisis
near the end of it · 1997-06-17 → 1998-06-16, -64.66% over the whole period
What happened that day?
- On 25 May 1998 the KOSPI fell 6.16% in a single day
- Mass protests and a change of government in Indonesia that May shook the whole region again
- At the same time the yen weakened, putting downward pressure on Asian currencies generally
- A cheaper yen makes Japanese goods cheaper, which hurts Korean exports competing in the same markets
- At home, high rates were still producing a steady stream of corporate failures
- The low came three weeks later on 16 June, after which rate cuts began the recovery
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.