It’s as if it never happened.
The 12.40% decline in Japan’s benchmark index on Monday was all but forgotten by the end of the week, not to mention the monster rally of the yen and the shock rate rise by the central bank.
Panic ended quickly — especially after the record-setting 10% rebound on Tuesday — and recovery from the second-biggest decline ever for the 225-issue Nikkei average was well underway as Tokyo stocks retraced their decline and exited bear-market territory.