Nikkei 225 · October 29, 1997
Back the next day
+3.34%
single-day change vs previous close
Part of a longer stretch
When the banks themselves failed
midway through · 1996-06-26 → 1998-10-09, -43.18% over the whole period
What happened that day?
- On 29 October 1997 the Nikkei 225 rose 3.34%
- It came right after the global drop set off by Hong Kong
- US markets had rebounded hard overnight on record volume, and Asia followed
- Traders decided that US corporate earnings were not that closely tied to Asia
- Japan's position was different, though. Its lending into Asia really was going bad
- So the bounce did not last. Three weeks later major financial institutions closed
- In this stretch the index was 28.73% 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.