Japan’s Nikkei Posts Worst Day Since 1987 Black Monday Stock Market Crash

Japanese stocks plunged on August 5 in their biggest drop since the 1987 Black Monday sell-off, amid concerns about the global economy and fresh forecasts of a possible recession. The Nikkei 225, a stock market index for the Tokyo Stock Exchange, shed 12.40 percent on Monday, losing 4,451 points, the largest drop in its history. In 1987, the index lost 3,836.48 points, which was the worst previous decline. The Nikkei share average drop comes as as Friday’s dismal jobs data in the United States heightened worries of a possible recession, and as the yen rallied to seven-month highs versus the dollar. Japan’s banking stocks led the rout, pushing the Nikkei into bear market territory with a 27 percent drop from its July 11 peak of 42,426.77. From July 11 to Monday’s close of 31,458.42, the Nikkei has wiped out 113 trillion yen ($792 billion) of its peak market value....