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The behaviour of the current downturn in the Standard and Poor’s 500 Index is compared with the major market declines of 1929-32, 1973-74 and 2000-02 in the attached graph.

The Nikkei Index peaked at 38,900 in December 1989; its first downward leg took it down 48% to 20,200 nine months later; after a 35% recovery it then fell to 14,194, 64% below its 1989 high, in mid 1992, 30 months after the high. It is currently trading at 9,451, 76% below its 1989 high.

The Financial Times share index dropped 72% from 519 to 146 between 1972 and January 1975.