Word: nikkei
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...world's financial markets are so intertwined that when one itches, the others scratch. As mounting concerns over Japan's reeling economy sent Tokyo's stock exchanges into a dizzying vortex last week, markets from Amsterdam to Zurich did some rocking and rolling of their own. Tokyo's Nikkei average sank to 15,498 points, its lowest level in more than six years, while the London stock exchange fell 2.3% and Frankfurt shares dropped 5.4%. New York's Big Board sank 46 points, or 1.4%, in a week of generally bearish trading...
Before Friday's 1,253-point rebound, Japan's Nikkei stock average plummeted to 16,598, its lowest point since November 1986. Some feared the fall would stall America's fragile economic recovery...
...CAPTION: NIKKEI STOCK AVERAGE
...recession in Japan springs from the go-go days of the 1980s. From January 1985 to December 1989, the Nikkei stock average shot up from 13,136 to 38,915, fattening Japanese stock portfolios with tremendous paper profits. At the same time, the real estate market was so hot that corporate land holdings were typically more valuable than the factories built on them. And since 59% of all Japanese own their own homes, the great surges in real estate values made nearly everyone feel wealthier. Many companies and some individuals began to borrow vast sums of capital for expansion, using...
...deflated. The Bank of Japan began pushing up interest rates. The Ministry of Finance published regulations to discourage real estate speculation. The bubble began to deflate. And the Tokyo Stock Exchange went into a swoon which is yet to end. Currently flirting with the 20,000 level, the Nikkei average is down 47% from its peak. Real estates prices fell as much as 30% in Tokyo and 40% in Osaka...