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A retail investor buys shares in a small company, touts his position on social media and inspires a horde of followers to do the same. The stock price goes to the moon before crashing back to earth. ....
Feb 19, 2021 Shareholders are cheering the record share price of Fast Retailing Co., the operator of casual fashion giant Uniqlo that’s just become the most valuable apparel retailer in the world. But some other market observers are sounding notes of caution over the stock’s ever-increasing influence on the 225-issue Nikkei average of the Tokyo Stock Exchange, as technical changes caused by its recent highs raise its already-outsized impact on the blue-chip gauge. A fivefold increase in Fast Retailing’s tick size the minimum amount by which the stock can move up or down and a surge in its weighting in the index mean the Nikkei’s rise is increasingly intertwined with that of the casual clothing firm, even as Japanese stocks look to test record bubble-era highs. ....
The last time stocks in Tokyo were this high, things were a little different. Orders now silently processed in milliseconds were shouted across smoky open outcry trading floors. Yuriko Koike, now Tokyo’s governor, was a fresh-faced TV presenter on the country’s leading business news show. The U.S. fretted over Japan as number one,” while China was an economic backwater. That’s how long it’s been since the 225-issue Nikkei stock average of the Tokyo Stock Exchange passed 30,000, an event which first took place in December 1988. With the index crash in 1990 that followed the deflating of the asset-price bubble, it would take more than three decades for the benchmark to regain that height. ....
Orders now silently processed in milliseconds were shouted across smoky open outcry trading floors. Yuriko Koike, now Tokyo’s Governor, was a fresh-faced TV presenter on the country’s leading business news show. The U.S. fretted over “Japan as number one,” while China was an economic backwater.That’s how long it’s been since the Nikkei 225 passed 30,000, an event which first took place in December 1988. With the index crash in 1990 that followed the deflating of the asset-price bubble, it would take more than three decades for the benchmark to regain that height.“Sometimes it took an hour or two just to execute an order,” Taketsugu Agari, a 51-year-old veteran trader and investor, remembers of those days. He began his career in 1988 as a “batachi” the traders who used complex hand gestures to communicate buy and sell orders across deafening trading floors. “Now you can just do it yourself on your phone.” ....
(Bloomberg) The last time stocks in Tokyo were this high, things were a little different.Orders now silently processed in milliseconds were shouted across smoky open outcry trading floors. Yuriko Koike, now Tokyo’s Governor, was a fresh-faced TV presenter on the country’s leading business news show. The U.S. fretted over “Japan as number one,” while China was an economic backwater.That’s how long it’s been since the Nikkei 225 passed 30,000, an event which first took place in December 1988. With the index crash in 1990 that followed the deflating of the asset-price bubble, it would take more than three decades for the benchmark to regain that height.“Sometimes it took an hour or two just to execute an order,” Taketsugu Agari, a 51-year-old veteran trader and investor, remembers of those days. He began his career in 1988 as a “batachi” the traders who used complex hand gestures to communicate buy and sell orders a ....