Nikkei 225 · September 13, 1993

The end of the rally stimulus bought

+1.59%

single-day change vs previous close

Part of a longer stretch

A strong yen and a new government

early in it · 1993-09-13 → 1993-11-29, -23.97% over the whole period

What happened that day?

The Nikkei 225 moved 1.59% on the day, at the high of the rebound that began at the August 1992 bottom
The index had risen close to half in a little over a year, on successive large public works programmes and market support measures
The underlying problem — the banks' bad loans — was untouched. The government propped up the economy without cleaning the books
The pattern Japan repeated is visible here: stimulus produces a rebound, and when it wears off the market falls again
After this high the Nikkei lost close to a third again, into the summer of 1995
It only began actually resolving the bad loans in 1998. The cycle repeated several more times before then

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.