Black Monday in New York, Blue Tuesday in Tokyo: The October 1987 Crash in Japan

  title={Black Monday in New York, Blue Tuesday in Tokyo: The October 1987 Crash in Japan},
  author={Ulrike Schaede},
  journal={California Management Review},
  pages={39 - 57}
This article summarizes the events around the October 19, 1987, Japanese stock market decline. Although Tokyo suffered a "crash," it did not experience the same "panic" as New York, primarily because Tokyo had a more consistent institutional and regulatory structure and could rely on more patient investors. Tokyo can, with certain limitations, be taken as an example of how the "Brady Report" proposals would work in practice. Since Tokyo suffered a crash, if the Brady proposals are designed to… Expand
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Der neue japanische Kapitalmarkt
For a discussion of the details of the trading system and "market making
  • Specialist versus Saitori: Market Making in New York and Tokyo
  • 1990
With a similar legal background, the Toronto Stock Exchange introduced stock futures on a basket of 10 stocks (100 shares each) in 1983
  • September 1988, stock index futures were introduced on the TOPIX in Tokyo, and on the Nikkei 225 Average Index in Osaka. For details, see Ulrike Schaede, Der neue japanische Kapitalmarkt-Finanzfutures in Japan
  • 1990
Haraf, "Lessons of the Stock Market Crash: What We Have Learned about Securities Markets and Their Regulations,
  • The AEI Economist (May
  • 1988
Unravelling the Global Collapse or Looking to the Futures,
  • Sanyo Securities Marketing, October
  • 1987
A Post-Crash Re-Examination of Asian Futures Markets: Will Japan Provide a More Viable Structure?
  • Presentation at the Berkeley Program in Finance in Asia Conference
Big 4" are Nomura, Daiwa, Nikko, and Yamaichi Securities; their share of total trading volume at the TSE was more than 50% in the 1980s. 14. The fiscal year in Japan runs from April I through
  • Those referred to as the
Computer-Assisted Order Routing System; the system does not change the trading rules