Shares sink in Japan as a tech-driven retreat on Wall St drives selling of chip makers and exporters
TOKYO — Japan’s benchmark Nikkei 225 index sank 5.8% on Friday in what some reports said were the worst single-day loss since Black Monday of 1987.
Then, Japan’s markets recovered relatively quickly because the country was still in the midst of a financial bubble that would take the Nikkei to nearly 39,000 before it collapsed in early 1990. The Nikkei did not recover that earlier peak of 38,915.87 until earlier this year. “I think markets globally are having a headless chicken moment,” the financial outlet Nikkei Asia cited Nicholas Smith of analyst CLSA as saying.
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