The hundred-plus point loss today for the Nikkei 225 is not as bad as it looks, especially considering the expected profit-taking from (1) stocks going ex-dividend yesterday, (2) the fourth-quarter and fiscal year-end that’s coming this Friday, and (3) recent strength in equities [a five-day rally that had started (in a holiday-shortened) last week]. Decliners outnumbered advancers 967 x 604.