Nikkei 225 · March 3, 2008
The spring the yen kept firming
-4.49%
single-day change vs previous close
Part of a longer stretch
Subprime reaches Tokyo
near the end of it · 2007-07-09 → 2008-03-17, -35.45% over the whole period
What happened that day?
- The Nikkei fell 4.49% to close at 12,992.18. No single trigger for the day could be pinned down
- By the spring of 2008, bad American mortgage lending was spreading into a problem for financial institutions generally
- Japan had an extra one. Money fleeing risk crowded into the yen, and the yen kept firming
- A dearer yen shrinks exporters' overseas revenue once converted. Earnings forecasts get cut directly
- So this market fell hard despite being far from the epicentre
- The episode fell 27.55% from the November 2007 high to the March 2008 low. That low came about two weeks later, on 17 March
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 put together from the public record; where a specific source was consulted it is listed above.