Nikkei Posts Record Gain, Reversing Crash

Aug 06, 2024 | News On Japan

Aug 06, 2024 (News On Japan) - The Tokyo Nikkei saw a record-breaking rise on Tuesday morning, at one stage surging over 3,000 points, achieving the largest-ever increase from a closing value.

People were seen pausing on their way to work, captivated by the board.

On August 5th, the Nikkei fell by 4,451 points due to concerns over a rapid economic slowdown in the United States and a stronger yen.

Over three trading days, it plummeted more than 7,600.

However, on Tuesday morning, it began to rise sharply from the start of trading.

At one point, it surged by over 3,000 points, surpassing the previous record of a 2,676 yen increase set in October 1990 in terms of closing value.

Market participants suggest that the rebound is largely due to a reaction to the sharp decline on August 5th, with strong buybacks. However, there are also warnings that the market is likely to remain volatile for some time.

Source: ANN

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