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Tokyo’s selection as the site of the 2020 Olympics seems to have put all of Japan in a good mood. Economic analysts wondered if this optimism would carry over into the investment world, and indeed a modest market-wide rally seems to be building.

One corporation caught up in the surge, however, saw its entire stock price increase wiped out in less than an hour, with some saying the fluctuation was caused by its name.

Following Sunday’s announcement of Tokyo as site of the 2020 Games, the Nikkei Stock Average rose by 300 yen. Some of this investment was in companies that clearly stand to benefit from Japan hosting the Olympics, such as construction firms that are likely to be contracted to build venues and facilities, along with shipping companies that will transport the materials necessary to do so.

Some speculators, however, got a little too excited by the bull market, as shown in this chart tracking one company’s stock price that briefly soared before investors realized the organization has nothing more than the most tertiary of connections to the international sporting spectacle.

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The name of the company? Olympic.

Despite the impressive name, Olympic is a simple discount retailer that sells everything from light bulbs to pet food. Yes, Olympic stores do have a sporting goods and athletic shoe department, but their inventory is the sort of thing that attracts budget-conscious college students and Internet writers, not world-class competitors.

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Nevertheless, Olympic’s parent company, Olympic Group, saw its stock price jump up by 46 yen, a roughly five percent increase, in mere minutes. With a few more minutes to realize the lack of any connection between Olympic Group and the International Olympic Committee, investors began dumping the stock, and in less than an hour it was trading below its pre-rally price.

Thankfully, things have since calmed down. It may not have anything to do with the Olympic Games, but Olympic still offers good values on products people need, and the mass sell-off of its stock has ended. In fact, its stock is currently sitting at 10 yen higher than it was last week, riding the coattails of high investor confidence throughout the market.

To recap: the 2020 Summer Olympics will still happen in Tokyo, Olympic store employees still have jobs, and the RocketNews24 team still has a place to buy sensibly-priced, comfortable sneakers.

Sounds like everyone made out OK.

Source: Byokan Sunday
Top image: Tokyoite Insert images: Byokan Sunday, Itot