Nikkei 225 · October 23, 2003
A pullback after six months off the bottom
-5.09%
single-day change vs previous close
Part of a longer stretch
Four years off the bottom
early in it · 2003-04-28 → 2007-07-09, +140.04% over the whole period
What happened that day?
- The Nikkei fell 5.09% on the day
- **No single cause for that day has been pinned down.** What is established is that it sat in the middle of the 2003 recovery
- That April the Nikkei had reached its lowest point since the bubble burst. Public money went into one bank in June, financial fears lifted, and the rebound began there
- Six months on, the index had climbed a long way off that low. After a run like that, days that give some back do not need a large reason
- One thing in the background was the currency. That autumn the major economies converged on leaving exchange rates more to the market, and the yen kept rising
- A rising yen cuts exporters' profits — and exports were what the recovery was built on, so when that part wobbles the market does too
- The pullback did not last, and 2003's climb continued
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.