Thursday, May 23, 2013
The Nikkei Stock Average JP:NIK -6.80% , which had jumped 2% earlier on Thursday, ended the day 7.3% lower at 14,483.98 in a spectacular turnaround. The drop is the Nikkei’s worst single-day loss since March 15, 2011, when the market was overwhelmed by selling in the wake of a calamitous earthquake and tsunami. The benchmark’s closing level was nearly 1,460 points from the day’s peak.
The Nikkei is still up nearly 40% in 2013 to date, thanks to a massive rally seen earlier in the year as the yen’s weakness aided an improvement in corporate earnings and profit outlook.