Nikkei 225 · December 13, 2019
The day the phase-one deal landed
+2.55%
single-day change vs previous close
Part of a longer stretch
The recovery that ended at COVID
near the end of it · 2018-12-25 → 2020-01-20, +25.72% over the whole period
What happened that day?
- The Nikkei 225 rose 2.55% on the day
- The US and China were reported to have agreed a first phase of their trade talks. Planned additional tariffs were shelved and some existing ones lowered
- This reaches Japan hard because of where it sits: it sells equipment and components to China, and China's finished goods go to America
- When the two argue, orders fall first in the country in between. That is why Japanese exports had been weak since 2018
- The market knew the deal was partial. But knowing tariffs would not rise further made calculation possible again
- The advance ran a month more, and after the high of 20 January 2020 the pandemic cut it off
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.