Grapevine

Japan's Nikkei sees best day since October 2008; logs record single-day jump in points

A cycler passes the entrance to the Tokyo Stock Exchange (TSE) headquarters building in the Nihonbashi area of Tokyo on May 2, 2024.

Japan's stocks rebounded sharply on Tuesday after the Nikkei 225 and the Topix dropped over 12% in the previous session. Other Asia-Pacific markets were mostly higher.

The Nikkei 225 — which saw its largest loss in the previous session since the 1987 Black Monday crash — as well as the broad-based Topix gained over 9%.

The Nikkei ended the day up 10.23% at 34,675.46, hitting its largest daily gain since October 2008 and highest ever spike in terms of index points. The Topix finished up 9.3% at 2,434.21.

The rallies in Japan saw both indexes climb back into positive territories for the year so far.

On July 30, the Bank of Japan had raised rates to their highest level since 2008, causing the yen to strengthen to a seven-month high, pressurizing stocks.