Nikkei 225 · May 1, 2001

The week the new cabinet took office

+3.52%

single-day change vs previous close

Part of a longer stretch

Two months on a new prime minister

near the end of it · 2001-03-13 → 2001-05-07, +22.93% over the whole period

What happened that day?

On 1 May 2001 the Nikkei 225 rose 3.52%
A new prime minister running on reform had taken office in late April, with very high approval
His slogan was that there would be no growth without reform — clear out the bad loans and the economy grows again
The market believed the cleanup would actually happen this time
The bounce ended six days later. 7 May was the top, and from there the index fell another thirty-five percent over nine months
Where hope raised the price, the speed at which hope fades becomes the speed of the fall
In this stretch the index was 23.89% 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.