Nikkei 225 · November 29, 1993
The autumn politics jammed and the yen stayed strong
-3.87%
single-day change vs previous close
Part of a longer stretch
A strong yen and a new government
near the end of it · 1993-09-13 → 1993-11-29, -23.97% over the whole period
What happened that day?
- The Nikkei fell 3.87% on the day — the worst session of this decline and its bottom
- **No single cause for that day has been pinned down.** What is established is that it was the last day of a two-and-a-half-month decline
- Japan in 1993 had just ended nearly forty years of rule by a single party. The new coalition kept jamming on its reform bills
- On the economic side, the bad debts left by the bubble were still not cleaned up, and the yen had strengthened to around 100 to the dollar that year
- When politics jams, economic measures are late. It was a stretch in which the market had nothing to price
- The decline took 24% off over two and a half months
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.