With stocks coming under selling pressure in the U.S. (after an unimpressive 8-day Dow rally), hit by news of a cautious Fed (latest minutes release), rising gas prices at the pumps and all the negative extensions that can be conjured up, Japanese stocks had nowhere to go but down. The good news here, if you want some, is the Nikkei 225 closed above whatever psychological importance you want to give 17,500 (actual close 17,540.42, -0.7%) and it rallied back from intra-day lows exceeding -200 points; although, N225 futures in Osaka fell further (-1%) and closed lower to 17,520. TOPIX also lost 0.7%, to 1,726.18.


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