Nikkei 225 · September 22, 1999
The autumn the yen got dear again
-3.39%
single-day change vs previous close
Part of a longer stretch
The IT rally
midway through · 1998-10-09 → 2000-04-12, +61.75% over the whole period
What happened that day?
- On 22 September 1999 the Nikkei 225 fell 3.39%
- The yen had been strengthening since that summer, on expectations that Japan's economy was turning
- Good economic news is bad news for exporters here, because it makes the yen dearer
- The Bank of Japan wanted to intervene, but without US agreement the effect was limited
- With rates already at zero, there was no way to push the yen down with policy either
- In this stretch the index was 9.24% below its peak
- The up-stretch still ran to April the following year
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.