Nikkei 225 · January 24, 1994
After the reform bill stalled
-4.94%
single-day change vs previous close
Part of a longer stretch
A bounce on reform hopes
early in it · 1993-11-29 → 1994-06-13, +34.05% over the whole period
What happened that day?
- On 24 January 1994 the Nikkei 225 fell 4.94%
- That month the political reform bill was voted down in the upper house. It had been the coalition's central promise
- What the market had bought was the premise that reform would actually happen. That premise shook
- When politics is unsettled, policy is unsettled, and without policy there is nothing to price against
- No single trigger can be pinned to this exact day. It is a large day inside a political calendar
- In this stretch the index was 21.57% below its peak
- The coalition collapsed that spring
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.