The October 27, 1997 stock-market plunge linked to the Asian financial crisis is commonly called the mini-crash.
On that date, the Dow Jones Industrial Average fell 554.26 points, or 7.18%. The drop followed turmoil in Asian markets and growing concern that financial instability could spread internationally.
The fall was severe enough to trigger the New York Stock Exchange’s newly established circuit-breaker system. Trading was halted temporarily after the market crossed the relevant threshold, giving investors and officials time to assess the disorder.
This episode is distinct from Black Monday in 1987 and from the 1997 Asian financial crisis itself. The name “mini-crash” reflects the event’s resemblance to the earlier crash, while emphasizing its shorter duration and smaller overall impact.