1990: The Japanese stock market has its best day yet on record, as the Nikkei 225 index skyrockets 2,676.55 points, or 13.2%, to close at 22,849.39. Investors are euphoric over rumors that the Japanese government will intervene to stop the crashing Nikkei from falling further, and a buying panic ensues. By mid-day nearly a third of the major Japanese stocks haven't even traded, since no sellers can be found to match the swarms of buyers. With sellers so outnumbered, even by day's end nearly 10% of all stocks haven't been able to tradeÑand, on the futures market, buyers outnumber sellers by more than 28,000 to one. Unfortunately, the whole thing turns out to be a "dead-cat bounce," as the Nikkei soon resumes falling.

The New York Times, October 3, 1990, pp. D1, D6;The Wall Street Journal, October 3, 1990, p. C1.