Nikkei 225 · April 12, 2000
The IT rally
+61.75%
trough back to the old high
369 trading days · 1998-10-09 → 2000-04-12
this undid the slide that began 1996-12-05
What happened that day?
- From the low on 9 October 1998 to the high on 12 April 2000, the Nikkei rose 61.75% over 369 trading days
- In autumn 1998 the government decided to inject public money into the banks — the first serious attempt at a cleanup postponed for six years
- At the same time technology shares were exploding worldwide, and Japan's telecom and electronics names rose with them
- This is also when the Bank of Japan took rates to zero. Money with nowhere to go went into shares
- But the rise was narrow. The index went up while most companies stood still
- When the Nasdaq broke in March 2000, Tokyo followed a month later
- It was one of the longest up-stretches inside the lost decades
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.