Nikkei 225 · December 13, 1991
The end of a year cuts could not lift
+4.80%
single-day change vs previous close
Part of a longer stretch
When the bad loans surfaced
midway through · 1991-03-18 → 1992-08-18, -47.29% over the whole period
What happened that day?
- On 13 December 1991 the Nikkei 225 rose 4.8%
- The Bank of Japan had cut three times that year, and the index kept falling anyway
- That summer it had emerged that major securities houses had quietly covered favoured clients' losses, and trust had gone
- A market that will not rise on rate cuts is telling you that rates are not the problem
- No single trigger can be pinned to this day
- In this stretch the index was 34.19% below its peak
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.