Japan’s 1987 stock-market crash day was called Black Monday, when the Nikkei 225 fell 14.9%.
The Nikkei’s decline occurred on October 20, 1987, one day after the New York market’s famous Black Monday. Japan’s market was among the many exchanges affected by the international panic. The global episode began with sharp selling in the United States and spread rapidly through interconnected markets.
The name Black Monday is most strongly associated with October 19 in New York, where the Dow Jones Industrial Average lost 22.6%. Japan’s large fall came on the following calendar day because of the time difference. This creates a common date mix-up when comparing international accounts of the crash.
Japan’s decline was severe, but the Nikkei later recovered and reached a much higher peak in December 1989 during the country’s asset-price bubble. The 1987 crash itself was followed by rapid policy responses and did not cause a global depression.