Nikkei 225 · March 7, 2022
The March commodities soared
-2.94%
single-day change vs previous close
Part of a longer stretch
When the easing ran out
near the end of it · 2021-09-14 → 2022-03-09, -19.41% over the whole period
What happened that day?
- The Nikkei 225 fell 2.94% on the day, near the bottom of this decline
- After Russia's invasion, oil, natural gas, grain and nickel all surged together
- Japan imports all of them. Dearer raw materials worsen the trade balance and raise company costs
- The yen was weakening at the same time. Normally good for exports, here it made the import bill larger still
- It is a rare phase in which a weak yen does not help, because what Japan buys was rising faster than what it sells
- 9 March was the bottom, and the rebound began from there
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.