What Was Behind Japan's Quarter-End Nikkei Crash

Goldman trader Dani Wojdyla writes that he came back to Tokyo last night after a quick weekend away to see the Nikkei plunged -4% (largest drop since 9/30/24) in a brutal start to a busy week. To explain the downbeat action, he republished a note from the bank's Japan strategist Enna Hattori, which rhetorically asks "What Happened?” and which he summarizes as