Japan Freefall Continues - Bank Stocks Hit Bear Market
The Nikkei 225 is down over 700 points from the post-FOMC minutes exuberance with major volume hitting the open in Japan.
Japanese stocks are now down 15% from their high and trading at six-month lows (and the cheapest to the Dow in 15 months). USDJPY is tumbling further (though the standard opening knee-jerk stop-run is being attempted).
Within the broader Topix index, Japanese bank stocks have just hit a bear market (down over 20% from their highs) at 10-months.
When asked how he felt about this, we suspect Abe said "depends."
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