Nikkei 225 · April 7, 2025
From the carry unwind to tariffs
-26.26%
peak-to-trough, the whole slide
178 trading days · 2024-07-11 → 2025-04-07
back to the old high on 2025-08-12
What happened that day?
- From the 11 July 2024 peak to the 7 April 2025 low the Nikkei 225 fell 26.26% — 178 trading days
- The first shock was August 2024. The Bank of Japan raised rates, the yen jumped, and carry trades unwound at scale
- The carry trade means borrowing cheap yen to buy assets elsewhere. A stronger yen makes the repayment bigger, so positions get closed in a hurry
- That shock reversed within days, but the index kept drifting without regaining its high
- The second shock was the US tariff announcement in April 2025. Japan, with its car and machinery exports, was directly in range
- A tariff pause triggered the rebound. The old high returned on 12 August 2025
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.