Nikkei Plummets Over 12% in Record Crash, Investors Urged to Stay Calm

Aug 05, 2024 | News On Japan

TOKYO - The Nikkei Stock Average experienced its largest decline in history, surpassing the infamous Black Monday, with a drop of over 4,400 points.

The drop has sent waves of confusion through the market.

At a securities firm in Tokyo, phones were ringing incessantly with calls from worried 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 dropped by about 1,200 points.

By 3 p.m., the Nikkei closed at 31,458.42.

The drop of 4,451.28 yen marks the largest decline since the day after Black Monday in 1987.

Investors expressed their concerns, with comments like, 'I am worried, but the fluctuations are so extreme that I honestly don’t know what to do' and 'I think it’s a time to endure and watch closely.'

In response to the sharp decline, Finance Minister Suzuki addressed the press, stating, 'We will continue to monitor domestic and international economic and financial market trends with high vigilance.'

Market analysts have noted, 'It’s difficult to see a bottom to the decline, and the future market will depend on the U.S. economy.'

Source: FNN

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