TOKYOAug 5 (Japan News) – The Nikkei Stock Average suffered its biggest drop in history, surpassing the infamous Black Monday with a drop of more than 4,400 points.
The decline caused confusion in the market.
At a stock exchange in Tokyo, the phones rang incessantly with calls from concerned investors.
The Nikkei Stock Average opened at 35,249.36 points on Monday morning. By mid-morning, just two and a half hours later, it had fallen by about 1,200 points.
At 3:00 p.m., the Nikkei closed at 31,458.42.
The drop of 4,451.28 yen marks the biggest drop since the day after Black Monday in 1987.
Investors expressed their concerns with comments such as, โI’m concerned, but the swings are so extreme that I honestly don’t know what to doโ and โI think this is a time to be patient and pay close attention.โ
In response to the sharp decline, Finance Minister Suzuki addressed the press, saying: “We continue to monitor domestic and international economic and financial market developments with great vigilance.”
Market analysts noted: ‘It is difficult to see a bottom for the decline, and the future market will depend on the US economy.’
Source: FNN
